Date: 2 months ago   Category: Energy

Lukoil predicts reduction of a difference in the price of Urals oil and Brent because of the transaction of OPEC — Rambler News Service


Participation of Russia in the agreement with OPEC on reduction of level of oil production will lead Brent and the Russian Urals oil to reduction of a difference in price of oil. It was told journalists at a briefing by the first vice president of Lukoil Vadim Vorobyov. He explained that within the agreement with OPEC there is a reduction of extraction of heavy oil which is used in oil processing, and increase in extraction of low-sulphurous oil. "In the last year it developed so that extraction of low-sulphurous oil grew, and the agreement of OPEC influenced extraction of heavy oil. And oil processing is so arranged that the share of processing of heavy oil in it is high. The deficiency is not felt. Whether there will be in the long term a deficiency? It is rather not. But it will push to decrease in spread of Urals to Brent" — he told. Vorobyov added that as a result of it Urals oil can become more competitive in the market of the Pacific Rim. "Perhaps, Urals will reach the Far East, will be competitive there" — he noted. Now Urals oil is trading with discount to Brent oil.

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