MOSCOW (Pakistan Point News / Sputnik - 02nd June, 2020) The premiums for Urals crude blend, Russia's main export earner, to the price of North Sea Brent crude rose last week to highest on record since 1990, $2.3 per barrel in northwestern Europe and $2.8 per barrel in southern Europe, the Argus agency, which tracks regional prices, reported on Monday.
"Urals premiums to the North Sea benchmark have reached a record for the entire history of Argus monitoring since 1990. The blend's price was supported by a significant decrease of production in Russia amid recovery of global oil demand due to easing quarantine measures," the agency said.
Last week, Urals was traded at $36.7 per barrel (CIF Rotterdam) in northern Europe and $37.2 per barrel (CIF Augusta) in the Mediterranean, it said.
