US sanctions in Venezuela and Iran boost Russian oil revenue

RUSSIA / FSU POLITICS - In Brief 20 Aug 2019 by Alex Teddy
Russia earned an additional USD 905 million from November 2018 to July 2019 due to US sanctions on Venezuela and Iran. The Russian Urals blend of crude has traded at premium to Brent. The OPEC production cut has also helped Russia. There is not much sour crude on the market. Urals is at its zenith in the Mediterranean region now.In the past few years Urals blend sold at USD 1 less than Brent in the Mediterranean and USD 1.63 less in north-west Europe. The Urals discount to Brent is now between USD 0.86 and USD1. Iranian oil was favored in the Mediterranean but is now unavailable there.This advantage is expected to diminish for Russia in the fall. People drive less in the fall than in the summer. Moreover, fall is a time for oil refinery maintenance work.

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