Urals Crude Trades at Record High; CPC August Exports to Fall
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A cargo of Russian Urals crude sold in the Mediterranean at a record premium of more than $1 a barrel to Dated Brent, according to three traders who participate in the market who asked not to be identified as the information is confidential.
The Caspian Pipeline Consortium, operator of the only oil-export link in Russia that has shared foreign ownership, will cut daily crude exports from the Black Sea in August by 9.7 percent, a preliminary loading program obtained by Bloomberg News showed. Iraq resumed flows through its export pipeline to Turkey.