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Rising exports of Russian oil from the Baltic have prompted a slump in the value of Urals in northwest Europe and could result in increasing volumes of the grade being shipped out of the region.
Urals' discounts in northwest Europe were at their widest since 2000 this month, falling by $1.45/bl in one week to $4.05/bl below dated BFO. Exports from Baltic ports rose dramatically to 1.17mn b/d in January-May, up by 87pc on the same period last year.
The rise was driven by Russian pipeline firm Transneft's expansion of the Baltic Pipeline System to Primorsk. Russian producers have also ramped up exports through White Sea and Barents Sea ports to overcome …