REBCO futures were launched on the New York Mercantile Exchange earlier in the day. The new blend, a third crude brand to trade on the NYMEX, after WTI and Brent, will replace Urals as Russia's price index used for calculating supply prices, export duties and mineral extraction tax. It is expected to fetch a higher price than Urals, generally priced at a $5-6/bbl discount to Brent, as its quality is much nearer to Western standards.
"Russian companies' aggregate receipts from the introduction of fair pricing will come to some $3 billion," Deputy Economics Minister Kirill Androsov said. "Russian budget revenues will, naturally, increase as well."
On Sunday, REBCO will be launched on CME GLOBEX, a trading floor operated by the Chicago Mercantile Exchange.
