Russia To Minimize Oil Prices Gap

Russia?s Economy Minister German Gref said yesterday that Russia will establish an oil quality bank that will allow the country to minimize the price difference between Urals and Brent crude oil on the international markets.

Gref said that the oil quality bank, which is a kind of a database on crude oil that allows an oil brand to be identified at any stage of its transportation, reloading or storage, would be possible only after the diversification of oil reserves and production of high-sulfur crude.

?It is not yet clear what should be done with high-sulfur brands produced in the country, and with companies that produce this oil,? the minister said. That?s why two Russian oil producers, Tatneft and Bashneft, were against of the establishing of the oil bank, because they produce high-sulfur crude.