Urals premium hurts Russian integrateds
Russia’s Opec+ compliance has pushed its benchmark grade to a premium over Brent. But this is not good news for the country’s large integrated oil firms
Urals crude typically trades at a discount to Brent and many other international benchmarks because of its high sulphur content, which adds costs at refineries. And this discount widened in March and April as lockdowns resulted in scaled back operations at refiners in Europe—the main destination for Urals. However, under the new Opec+ deal Russia has pledged to curb supply, excluding condensate, by c.2.5mn bl/d, to 8.5mn bl/d in May, June and July. Urals is thus scarcer, driving up the price as some refineries cannot easily switch to other grades. Urals had a $1.90/bl premium to Brent on Tuesday, which narrowed to $0.85/bl on Wednesday, Moscow-based bank VTB Capital estimates. The premium wa
Also in this section
18 February 2026
With Texas LNG approaching financial close, Alaska LNG advancing towards a phased buildout and Magnolia LNG positioned for future optionality, Glenfarne CEO Brendan Duval says the coming year will demonstrate how the company’s more focused, owner-operator approach is reshaping LNG infrastructure development in the North America
18 February 2026
The global gas industry is no longer on the backfoot, hesitantly justifying the value of its product, but has greater confidence in gas remaining a core part of the global energy mix for decades
18 February 2026
With marketable supply unlikely to grow significantly and limited scope for pipeline imports, Brazil is expected to continue relying on LNG to cover supply shortfalls, Ieda Gomes, senior adviser of Brazilian thinktank FGV Energia,
tells Petroleum Economist
17 February 2026
The 25th WPC Energy Congress, taking place in Riyadh, Saudi Arabia from 26–30 April 2026, will bring together leaders from the political, industrial, financial and technology sectors under the unifying theme “Pathways to an Energy Future for All”
