Russia is the world's second largest producer of crude oil and also one of the world's top oil exporters. Russian export blend crude oil (REBCO) is a medium gravity sour crude that accounts for exports of approximately 4 million barrels per day into the Atlantic Basin or to other nearby refining markets.

The New York Mercantile Exchange, Inc., the world’s largest energy marketplace, has developed a proposed REBCO futures contract in collaboration with Expertica Ltd.

The expected benefits of a REBCO futures contract are continuous price discovery, market transparency, and financial protection against the risk of counterparty default.