Sergey Kondratiev, Principal Director on Economic Studies at the Institute for Energy and Finance, commented to the Kommersant newspaper on the oil exports dynamics from Russia.
The decline in oil exports, according to Sergey Kondratiev, leads to an increase in prices for Russian oil, given the decrease in discounts on Urals and ESPO mixture. According to the estimates of the Xinhua research Center, he continues, the discount to Brent for ESPO oil delivered to the ports of Shandong is $1.8 per barrel, a month ago it was $4 per barrel. Market participants in India are talking about discounts (based on CIF) of $6 per barrel for Urals, the expert concludes: in July—August, the price of Russian oil not only followed Brent, but also reduced discounts to the benchmark at a faster pace.
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