Russia’s flagship crude grade, Urals, has seen higher demand from European refiners, with prices rising accordingly, since Saudi Arabia announced a surprise additional production cut at the start of this month. Just two out of 48 Urals cargoes loading from Russia’s Baltic ports this month are not sold yet, traders told Bloomberg on Monday. The higher demand of Urals cargoes has resulted in a $1-a-barrel increase in the price of the grade in northwest Europe since Christmas, according to traders who spoke to Bloomberg. Urals went for…
