Russia started to test independent from Brent trading of oil

Almaty. November 10. Silkroadnews - In November starts the test trading of new benchmark grade of oil of Russian companies, which should increase its cost and unbind it from the quotations of Brent, says RBC.
As noted, the idea of ​​creating a Russian oil standard has existed for several years. Now oil grade Urals and Russian ESPO (oil supplied by pipeline ESPO) is sold at a discount compared with North Sea Brent because of the lack of a uniform, transparent pricing mechanism and guarantee supplies. The introduction of the standard, according to officials, will make Russian varieties more liquid and lower the discount.
Running the test of trading will take place from October to December 2015. The first sale is scheduled for November. First will test session, then the actual bids. First Vice President of the St. Petersburg stock exchange Mikhail Temnichenko noted that start of trading Russian varieties of oil exports is planned before the end of 2016.
At present, we formed the general conditions of supply of Russian oil for export through the St. Petersburg stock exchange. Created clearing rules and organized trading, futures specification, as well as modified software for trading.
This project provides exchange trading by contracts for Russian oil exports, ensure the transportation. As a result, the market will be determined by direct quotation, which will create a mechanism for the determination of fair exchange price of Russian oil without reference to foreign standards (benchmarks). The first sale is scheduled for November this year.
The volume of supply contracts will be 100 thousand tons (720 thousand barrels). Through the exchange can be sold 5-10 tankers (3,6-7,2 million barrels) of oil a month.
For oil companies the bids will be voluntary, moreover, for they will be provided economic incentives.
However, experts believe that the rise in oil prices of Russian varieties in trading on the stock exchange will not happen immediately. First, a new product will be traded at discount, but with an increase of liquidity the sales price could rise.