AlwaysFree: Russian Oil Price Drops On Exports Rise, Competitive Iraq Supplies

The price of Russia’s Urals crude oil grade for September loading to Europe stood at a discount of $2.35 per barrel against Dated Brent on Tuesday, compared to a $1.05 per barrel discount a week earlier. That represents the largest discount in seven months. Traders said the reduction was a result of an unexpected rise in exports to the US and competitive prices of Iraqi supplies. Urals emerged as an alternative for sour US crude oil grades whose production was shut due to Hurricane Ida. At the same time, Iraq cut its oil prices for European customers, meaning Russian grades may face unexpected competition.