Russian Oil Exports Under Fire As Iraq Slashes Prices

The price of Russia’s flagship Urals grade slumped this week as Russian supply and exports are set to grow and as Iraq cuts the price of its crude for Europe. On Tuesday, the Urals grade from the Baltic Sea was offered at a discount of $2.35 per barrel to Dated Brent, Bloomberg reports, citing the price-discovery window hosted by S&P Global Platts.

While the discount to Brent is typical for the Urals grade, this week’s discount is much deeper than the $1.05 a barrel discount at which the Russian flagship crude was offered last week.…