Russia has to sell oil of Urals with the highest c June 2014 discount against North sea Brent, for the return to the international market of Iran /
It is reported by Rosbalt.
According to traders, the difference between Urals and Brent increased to 2.4 dollars per barrel. In the course of trading on 17 June, the largest oil trader Vitol again made an offer to sell Urals with little discount, but found no buyers.
“The Iranian exports was impressive,” said Bloomberg analyst at Natixis SA Abhishek Deshpande. According to him, Iran acted quickly and offered to oil refineries in Europe a wide range of supplies.
Last month, exports from Iran had reached 2100000 barrels per day, approaching desanctions level. In may of this year the volume of deliveries of Iranian oil to EU countries amounted to 355 000 barrels per day. In April, the figure was 20,000 barrels below.
According to traders surveyed by Bloomberg, negatively affects the price of oil and the problem with the busy Italian port of Trieste, which is the main transportation hub for oil refineries in Eastern and Central Europe. April in Trieste was unloaded just four vessels with 1 million barrels of oil each, whereas in the first quarter of this year, the port’s capacity was allowed to unload in four vessels per month.
However, according to DNB Markets, a series of strikes at French refineries last month led to a reduction in consumption. “This is a natural state of Affairs for Urals on the background of how Iran is stepping up the pace, and several European refineries are conducting strikes, reduce the demand,” explained major oil DNB Markets analyst Torbjorn Kjus.
