Platts launched a new Urals quote with a price in India
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At the end of January, S&P Global Platts pricing agency launched a price quotation for Russian Urals oil, reflecting its cost in Indian ports. Two sources familiar with the traders’ data specify that as of February 1, it was minus $18/bbl. to the reference Brent. On February 3, Brent traded at $81.6/bbl, according to ICE data.
One of the interlocutors of Vedomosti notes that the Platts quote takes into account the price of oil, cargo insurance and freight, which makes it “more representative” than the current benchmarks for Russian oil by Argus pricing agency. This agency, whose data was previously used by the Russian Ministry of Finance when forecasting oil and gas budget revenues, left Russia in March 2022.
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