Its the most common export grade of crude oil from Russia and an important benchmark for the medium sour crude market in Europe.
Urals blend accounts for more than 80% of Russia's exports and is a mixture of mostly Russian crude varieties. Urals oil extracted in Khanty-Mansiysk autonomous region, Tatarstan and Bashkortostan.
Urals is cheaper than Brent, as it is a heavy crude composition of oil produced in Ural, Western Siberia and Povolzhye, making it more costly to produce gasoline from it than from the lighter Brent.
Sulphur Level: 1,35
Urals brand oil is supplied through the Druzhba pipeline and the Baku-Novorossiysk pipeline. The world’s largest Urals oil producers are “Rosneft”, “Lukoil”, “Surgutneftegas”, “Gazprom Neft” and “Tatneft”.
Urals Crude Oil futures are traded on the Saint Petersburg International Mercantile Exchange (SPIMEX) under ticker symbol “U” in US dollars.