The discount on Russian Ural oil increased to $33 per barrel - the maximum since April 2023 -. Argos
During the week ending November 6, the discount for Brent in the Baltic ports increased by $2.95, to $31 per barrel, in Novorossiysk - by $2.15, to $33. The discount is increasing due to competition with Middle Eastern oil and expensive logistics.
India reduces interest in the Urals: the premium for shipments to the country's west coast was replaced by a discount of $2.25 per barrel for the first time since August. In November, imports through the Strait of Hormuz reached 2.1 million barrels per day compared to 1.8 million from Russia.
In October, China increased Russian oil imports by 20% compared to September and by almost 43% from year to year - to 1.57 million barrels per day. The premium for Ural shipments in December remained at $18 per barrel.
Exports from Russian ports remained almost stable in early November. The return of supplies from the Persian Gulf increases competition, so the pressure on Ural remains.
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