More Russian Oil Deeply Discounted as Ban Risk Alarms Buyers
- Sokol oil offered at up to $14/bbl discount to benchmark price
- Follows similar steep discounts for Russia’s flagship Urals
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A cargo of Russian Sokol oil from the Far East was offered at a steep discount as the nation’s invasion of Ukraine and the prospect of a crude import ban makes buyers cautious about dealing with its oil.
A trading house offered a May-loading cargo that will ship from the eastern port of De-Kastri at a discount as wide as $14 a barrel to the benchmark Dubai price, said people with knowledge of the matter. That’s drastically lower than last week when Trafigura Group offered Sokol at a premium of $1 a barrel.