Russia exports move higher in April, Urals trading at steep discounts

London (Quantum Commodity Intelligence) - Russia's oil and condensate output increased by 2% to 10.46 million barrels per day (bpd) in April, up from 10.25 million bpd in March, according to Reuters calculations based on an Interfax report on citing energy ministry data.

The increase is in accordance with a deal approved in March by the OPEC+ producer group, where Russia's quota was allowed to increase by 130,000 bpd from April 1 to 9.379 million bpd.

However, this figure excludes condensate, a very light oil, which typically makes up around 8% of combined oil and gas production

Condensate in general is not counted in OPEC or OPEC+ quotas, although some producers in the past have pushed for the inclusion of the super-light crude.

The energy ministry has not revealed production of crude oil alone, said the report, but Russia typically produces around 700,000-800,000 bpd of gas condensate.

Interfax also said that Russian crude oil exports fell 20.5 percent in January-April from a year earlier to 66.65 million tons.

Russia's flagship Urals crude, a medium sour crude typically traded as a differential to Dated Brent, was quoted at relatively steep discounts in late April. Ex-Baltic Urals was heard at around Dated -$2.75/barrel, while ex-Black Sea Urals was heard trading around Dated -$2.20/b.

On eastern exports, Russian ESPO crude was trading at around $2/b over Dubai swaps.