Russia’s flagship crude oil was offered for sale at a record discount as some buyers and shipping companies fretted over potential sanctions by the West following the country’s invasion of Ukraine. Oil freight transportation costs boomed.
The nation’s Urals crude was offered at $11.60 a barrel below Dated Brent, a marker for physical oil transactions in Europe and beyond. That’s the deepest discount in at least 11 years of data compiled by Bloomberg. There were no bids. Separately, a large tender for the grade also went unsold.