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Most of the supply distributions have been attributed lately to geopolitical factors; however, some other technical factors have emerged after Europe refineries stopped processing Urals crude from Russia after they found contamination in oil delivered via the Druzhba pipeline.
Azerbaijan also exports URALS oil from Russia's Black Sea port of Novorossiysk.
A sharp rise in freight rates for Aframax cargoes loading in the Baltics and steaming to the UK-Continent coupled with a falling Urals CIF-Rotterdam assessment has helped send the FOB Urals Ex-Baltics market to its lowest value versus dated Brent since April 21.
13 September 2016 - Cyprus-based, Russia-focused exploration and production company Urals Energy plc (AIM: UEN) has closed the purchase of the entire share capital of Arctic Oil Co Ltd.
In the first phase, this will involve futures trading in Russia's two export crude oils: Urals for the Western and Mediterranean markets and the East Siberian grade called ESPO after the name of an Eastern Siberian crude oil pipeline to Kozmino, as well as diesel.
The discount of Russia's Urals grade in the Mediterranean to global benchmark Dated Brent widened to $2.40 a barrel, ac cording to traders.
Venezuela's state-run oil company PDVSA will receive a 630,000 barrel cargo of Russia's Urals medium crude at its Bullenbay storage terminal in Curacao, according to Reuters trade flow and vessel tracking data.
The lab accuses the company of calculating production costs on the basis of the price of Brent crude oil instead of the cheaper Urals crude oil imported by Neftochim for processing at the refinery in Burgas.
In a twist to the ( Urals meteor strike in Russia , new footage has sparked claims that the space rock was blown up by a UFO.
Summary: A powerful blast has rocked the Russian region of the Urals with reports suggesting a meteor shower has taken place.