Russia’s flagship crude grade, which was sold mostly to Europe before the Russian invasion of Ukraine, is still selling, but predominantly in Asia, and at a huge discount to Dated Brent. The price of the key Russian export grade, Urals, averaged $73.24 per barrel between the middle of April and the middle of May, according to data from the Russian Finance Ministry cited by Bloomberg . The price of Urals was nearly 32 percent lower than the average Brent Crude prompt futures price during the same period, per Bloomberg’s estimates. Urals has always sold at a discount to Brent, but the spread widened to record highs following the Russian invasion of Ukraine. The discount of Urals was fewer than $2 a barrel to Brent at the beginning of this year, only to widen to more than $5 per barrel on the day Russia invaded Ukraine. Over the following weeks […]