Update: Russian Oil Discount Is Falling
Russian Oils Discount Falls to 19%
The price gap between (Russian) Urals and Brent oil has reduced substantially to currently 19% from a peak of 32.5% a month ago. This is in line with media coverage that Russia is supposedly getting more creative in working with sanctions and finding new oil friends/customers. The future impact of Lloyds withdrawing insurance coverage for Russian oil vessels will need to be seen.
For further information please see our previous post.