URALS crude oil is a type of crude oil that is produced in Russia. It is a heavy sour crude oil that is mainly used as a feedstock for refineries to produce gasoline, diesel fuel, and other petroleum products. URALS crude oil is traded as a benchmark crude oil in the global market, alongside other benchmark crude oils such as Brent and WTI (West Texas Intermediate).
URALS crude oil is produced mainly in the Western Siberia and Ural regions of Russia, and is typically exported from the ports of Novorossiysk, Primorsk, and Ust-Luga. It is considered to be a relatively high quality crude oil due to its low sulfur content compared to other heavy sour crude oils, which makes it easier to refine into high-quality petroleum products.
URALS crude oil is transported to Europe through the Druzhba pipeline and to Baku through the Novorossiysk pipeline, while the main seaborne importers are China and India since 2022. URALS futures contracts of 1,000 barrels are traded in the St. Petersburg International Mercantile Exchange (SPIMEX).
The specifications of URALS crude oil can vary depending on the source and grade, but generally, it has the following references:
|1||Extra light Crude Oil||(ºAPI 41.1-50)|
|2||Light Crude Oil||(ºAPI 31.1-41.1)|
|3||Medium Crude Oil||(ºAPI 22.3-31.1)|
|4||Heavy Crude oil||(ºAPI 10-22.3)|