Russia’s Flagship Crude Gets a Boost From Saudi Production Cuts
- Urals differential has risen by nearly $1 since late December
- Demand for Urals surges after Saudi Arabia’s surprise cuts
Photographer: Andrey Rudakov/Bloomberg
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Russia’s flagship crude is rising in price in Europe in the wake of Saudi Arabia’s surprise oil production cuts.
The nation’s Urals crude sold at a slight discount of 70 cents a barrel to benchmark Dated Brent in northwest Europe on Jan. 15, a increase of almost $1 from an 8-month low seen before Christmas, according to traders monitoring a pricing platform run by S&P Global Platts.