December 8, 2014 / 8:13 AM / 3 years ago

Feb Russian Sokol premium drops to lowest in 3 yrs - trade

SINGAPORE, Dec 8 (Reuters) - The spot premium for February-loading Russian Sokol crude has dropped to the lowest in at least three years following a rise in production.

Indian explorer ONGC sold a 700,000-barrel cargo to South Korean refiner SK Energy at $2.60 a barrel above Oman/Dubai quotes via a tender, traders said on Monday. This is equivalent to about $3 a barrel above Dubai quotes, the lowest premium SOK-DUB since Dec. 2011 when Reuters' record started.

Production at Sakhalin-1 increased late this year, leading to a rise in Sokol exports, they said. (Reporting by Florence Tan)

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