Russian Crude Losing Out as Iranian Oil Returns to Europe
- Urals in Mediterranean traded at widest discount in two years
- Curbs in crude loadings at Italian port also behind discount
Iran's Oil Comeback Hits a Bump
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The return of Iranian oil to the international market is hurting Russia’s main crude grade, forcing it to trade at the biggest discount in two years.
The discount of Russia’s Urals grade in the Mediterranean to global benchmark Dated Brent widened to $2.40 a barrel, according to traders monitoring the Platts window. That’s the lowest since June 2014. Vitol offered the grade again on Friday at smaller discounts. It didn’t find a buyer.