Russia’s flagship crude, which was sold primarily to Europe prior to the Russian invasion of Ukraine, is still being sold, but primarily in Asia, and at a huge discount to Dated Brent.
According to the Russian Ministry of Finance, the price of the most important Russian export variety, the Ural, averaged $73.24 per barrel between mid-April and mid-May Bloomberg. The Ural price was almost 32 percent below the average Brent crude oil prompt futures price…
