Asia boosts demand for Russia’s discounted, lighter oil

Moscow — Russia has been improving the quality of its flagship Urals crude oil exports, making the heavily discounted grade even more attractive to buyers in Asia who have been snapping it up, data obtained by two industry sources and seen by Reuters show.

Russian oil pipeline monopoly Transneft, which transports most of the crude via its system and is responsible for quality control, did not respond to a Reuters request for comment. Several plants in Russia’s south, which are usually large buyers of low-sulphur oil, have reduced operations in recent months because EU customers are no longer buying Russian oil products or due to logistical issues related to proximity to the Ukrainian border.Urals oil loading from Primorsk port is sweeter with the sulphur content falling to 1.59% for cargoes loading in May-June on average, while in January the content from the cargoes was at 1.64% on average, according to the sources’ data.

Urals oil exported from the Black Sea port of Novorossiisk was also sweeter in May-June compared to January, according to the data. Sulphur content in these barrels fell to 1.42% from 1.55% early in the year. The crude was also lighter: gravity rose to 30.65° API in June from 29.5 in January.

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