Russian oil grades have poor chances to become benchmarks - expert

Russian oil grades have poor chances to become benchmarks in the global market, IAA PortNews journalist cites Jorge Montepeque Director of Global Market Reporting of Platts, as saying at VIII annual international congress Oil Terminal being held in Saint-Petersburg. 

According to him, Urals lacks diversification of resource owners. 

As for oil exported via Primorsk and Ust-Luga, their quality specifications differ a lot which also prevents them from becoming a benchmark.

ESPO oil has poor chances of becoming a benchmark because of low volumes. The situation can only change with the construction of pipelines and boosting of export volumes as well as with the entry to the spot market.