FAST FIVE: US Sanctions Backfire, Lead To Boost In Russian Oil Exports
The Urals blend is the big winner of the US sanctions, according to Bloomberg's calculations.
Venezuela is one of the main global suppliers of heavy crude, but US sanctions have shrunk its exports significantly.
It has swung to a premium to Brent several times this year.
US sanctions are definitely changing production and price patterns in heavy crude and so is US production.
Italy's Eni said in its latest World Oil Review report recently that last year that the portion of heavier sour crude grades had fallen below 40 percent of the total for the first time ever.