Med crude-Urals oil prices fall below the cap, Kazakhstan cut exports to Germany in June
MOSCOW, June 26 (Reuters) - Urals oil absolute prices fell below the western price cap in Russian ports amid weaker Brent, though the grade's discounts to the benchmark remained stable on Thursday, Reuters calculations based on the data from industry sources showed.
Urals oil cargo loadings from Russia's Baltic and Black Sea ports were priced around $55-56 per barrel on Wednesday on a free-on-board basis, which excludes charter costs and insurance, according to Reuters calculations.
Reuters calculates Urals oil prices based on the previous business day data.
Lower Urals oil prices mean it's easier for market players to ship the grade as the price cap rule imposed by the G7 countries doesn't allow to provide western and insurance services only for Russian oil priced above $60 per barrel,
Traders awaited the full loading schedule for Urals oil from Russian ports in July.
Kazakhstan's crude oil exports to Germany will decline to 160,000 metric tons this month from 230,000 tons in May, Kazakh energy company KazMunayGaz KMGZ.KZ said on Thursday.
Kazakhstan started to transit oil to Germany via the Russian Druzhba pipeline after Moscow suspended deliveries amid the EU ban on its energy.
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NEWS
Indian refiners' throughput in May rose 0.4% year-on-year to 5.47 million barrels per day (23.11 million metric tons), provisional government data showed on Thursday.
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