Russia To Export Better Oil Blend On Higher Price

Russia may increase the price of its export crude oil with a new higher quality blend, Deputy Economy Minister Andrei Sharonov said on Thursday.

He said that to increase the price of Russian oil it is necessary to enter the market with better blend.

He said that some oil companies confirmed that they can offer a new blend, which is higher in quality than the presently exported Urals. The deputy minister noted that the name Urals may be left intact, but ?parameters of the blend will be better in terms of sulfur content and density?.

Earlier, the head of the Russian Economy Ministry German Gref said that suggestions to create an oil exchange in Russia and to re-vamp the brand of Russian oil will be ready by November. ?We are preparing suggestions regarding the creation of our own oil exchange and own brand,? the minister said. ?We are discussing this issue with the oil companies. We shall report on it in November.?