Russian Sokol crude sinks to record discount as demand slumps -sources

Russia’s Sokol crude, which yields more middle distillates like jet fuel and gasoil from refining, has slumped to a record spot discount in the Asia market, two trade sources said on Monday, as fuel demand takes a hit from the coronavirus pandemic. Indian oil explorer ONGC Videsh sold one 700,000-barrel cargo of Russian Sokol crude for loading between June 2-8 at a discount of around $8 a barrel to Dubai quotes via a spot tender that was closed and awarded last Friday, likely to a trader, the sources said. In comparison, last month ONGC sold a Sokol crude …read more

Source:: Yahoo Finance


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