Crude Oil - Urals Loses to Saudi Crude After Trading at Premium

摘要

The happy interlude may be over for Urals after Russia cut its May loading program by half. From May 1, the country has committed to reduce oil output to 8.5 million barrels per day from a baseline 11 million b/d pro- duction. This was reflected in the May export program, with loadings from the Baltic and Black Sea ports down from 2.2 million b/d in April to 1.3 million b/d in May (table).