Monday, May 21, 2018

Urals crude price weakens after surprise Rosneft tender

Prices for Russian Urals crude oil-one of the largest grades of crude in the world by volume-weakened this week after state-owned oil giant Rosneft announced that it will offer additional export volume following an accident at its Achinsk refinery.

Over the weekend, operations at the Achinsk refinery were suspended after an explosion killed eight people, according to Business Recorder.

Rosneft said it would sell between 440,000 and 980,000 tonnes of Urals crude via tender at Primorsk and Ust-Luga, as well as the Black Sea port of Novorossiisk.

According to traders assessing the impact of the surprise tender, Urals crude oil prices were 40 cents lower than previous price estimates, Reuters reports.