Russia’s central bank warned that increased competition from Saudi Arabia in Europe, the destination for almost 70 percent of the nation’s oil exports, is creating new risks for its economy. As Saudi Arabia ships oil to new markets in the Europe, the price discount of Russia’s Urals crude blend to regional benchmark Brent is widening, Bank of Russia’s research and forecasting department said in a bulletin published on its website Thursday. The discount in Rotterdam has increased to $3.50 a barrel, up from its “usual” level of no more than $2, it said. “Oil supplies to Europe from Saudi Arabia are probably adversely affecting Urals prices,” the central bank’s researchers wrote. That creates additional risks for Russia’s exports, budget and balance of payments, according to the bulletin. Russia, which relies on energy for almost half of its government revenue, faces its first recession in six years amid a commodities […]