[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Sign-in]  [Mail]  [Setup]  [Help] 

Status: Not Logged In; Sign In

Dr. David Martin discusses a proposed bioweapons attack scheduled for July 2025. MSNBC horribly suggests the genocide against the SA refugees is justified. Cheap Tomatoes (And Immigration) SOTT Earth Changes Summary - April 2025: Extreme Weather, Planetary Upheaval, Turmeric Lowers Blood Pressure-How To Get the Most Out Of It Magistrate Judge Issues Warning to US Attorney Alina Habba and ICE After Arrest of Newark Mayor UK PM Starmer Slammed For Daring To Suggest Immigrants Should "Speak English" How $21 TRILLION Went Missing From U.S. Tax Payers! -Catherine Austin Fitts Diddy’s Collapse Was No Accident – Whitney Webb Connects the Dots! CANADIAN Soldiers Spill Hard Truth about Russia Ukraine War 10 Russian weapons used in Ukraine that worry NATO CAF It Looks Like Crypto Is Going to Be the Trigger for the Next Crisis—and Massive Plunder Jimmy Dore NYC Mayor Race Just Got CRAZY! ! US Treasury Shocks With Second Biggest Budget Surplus In History Democrats have reached peaked stupidity. The Forgotten History of Neurological Vaccine Injuries Israel to take full control of land registry in West Bank's Area C, cementing annexation Trump discusses end to Gaza war with Saudi crown prince ew numbers from the Bureau of Labor and Statistics show 800,000 jobs from last year never existed. Hamas releases Israeli-American captive Edan Alexander after direct talks with U.S. Despite Mainstream Panic, US Consumer Price Inflation Tumbles To Lowest In Over 4 Years Big Pharma Whistleblower Found Dead After Confirming Ivermectin Cures Cancer Store nothing in plastic Black Nurse Claims She Kills White Patients on Facebook BOOM…😂😂😂 Eric Church - Drink In My Hand Lower Bloood Pressure Dozens of Afrikaners arrive to Dulles with refugee status, sparking outrage "Absurd Conspiracy": French Media Rushes To Quash Claims Macron, Merz & Starmer Caught Hiding Cocaine On Kiev-Bound Train Mark Dice: Blsck Fatigue

Business/Finance
See other Business/Finance Articles

Title: Russia to launch own crude benchmark in 2016
Source: [None]
URL Source: [None]
Published: Dec 13, 2015
Author: staff
Post Date: 2015-12-13 22:12:13 by Tatarewicz
Keywords: None
Views: 34

© Sputnik Russia wants to see its domestic oil blends compete with Brent and WTI as primary global crude benchmarks, according to an official from the St. Petersburg International Mercantile Exchange (SPIMEX).

© Thomas Peter Russia hints at oil price discount to keep European market share

"Our goal is to take a place among the major indicators. Currently, the pricing for most of our oil exports which as well determines our budget, is in the hands of our partners,” SPIMEX advisor Segey Kvartalnov told reporters.

He added that it’s important to set a more relevant mechanism for determining a fair price for Russian crude.

Initially the Russian futures market could use the US dollar in its operations, but it could possibly switch to trading in Russian rubles and other currencies, according to Kvartalnov.

He explains that around 70 percent of the world's oil contracts are currently based on the Brent benchmark.

At the same time, he said, “the volume of Urals and ESPO Russian oil blends on the international market is twice the total volume of oil supplied from BFOE, Oman and Dubai.”

"The price of Russian oil should stop being determined by Brent or Dubai,” said Kvartalnov.

In June, the head of Russia’s biggest oil firm Rosneft Igor Sechin called for increased efforts to standardize domestic oil blends.

Russian crude from the Urals region and ESPO (crude transported through the ESPO pipeline) is currently trading cheaper than Brent blend due to lack of a transparent pricing mechanism and guarantees of delivery.

To be recognized as a benchmark on the global market, the Russian crude has to meet three requirements. It has to be traded at clear and transparent prices; the deliveries should be guaranteed; the trading volume has to be not less than 10-15 million tons per year, or three million barrels a day.

Post Comment   Private Reply   Ignore Thread  

[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Sign-in]  [Mail]  [Setup]  [Help]