1. What It Is:
REBCO (Russian Export Blend Crude Oil), also known as Urals crude, is a medium-sour blend of Russian crude oils. It’s exported primarily from western Russia through pipelines and seaports.
2. Key Characteristics:
- API Gravity: ~31–32° (medium crude)
- Sulfur Content: ~1.2–1.5% (sour)
- Blend of heavy crude from the Urals and Volga region with lighter Siberian oil
- Lower quality than Brent or WTI due to higher sulfur
3. Export Routes:
- Main export ports: Primorsk, Novorossiysk, and Ust-Luga
- Transported via the Druzhba pipeline to Europe
- Also exported by sea to Asia, India, and other regions
4. Market Role:
- Russia’s primary export grade
- Benchmarked as “Urals” in pricing
- Typically trades at a discount to Brent due to higher sulfur and refining complexity
- Traded under term contracts and spot market
5. Applications:
- Used in refineries capable of processing sour crude
- Yields gasoline, diesel, fuel oil, and other distillates
- Requires desulfurization and upgrading units
6. Strategic Importance:
- Major part of Russia’s energy exports
- Important for European, Indian, and Asian refiners
- Subject to geopolitical factors, sanctions, and market redirection (e.g., to Asia post-2022)
