Russian Urals crude discount widens to $15 per barrel
This digest was compiled by AI from multiple sources — links to the originals are below.
The discount on Russian Urals crude oil widened to $15 per barrel, the largest gap in six months, according to Inbusiness.kz. The price drop follows a decline in global oil demand and increased supply from other producers. The discount reflects ongoing market pressure despite OPEC+ production cuts.
Discount Magnitude
The discount on Russian Urals crude reached $15 per barrel on July 10, the widest since January 2026, according to Inbusiness.kz. The price gap compares with a $10 discount in early June. The widening comes as global benchmark Brent crude fell to $72 per barrel.
Market Factors
The discount is driven by lower global demand and increased supply from non-OPEC producers, including the United States and Brazil. Russian oil exports have also faced logistical constraints and insurance costs. OPEC+ production cuts of 2 million barrels per day have not fully offset the price pressure.
Urals Crude Prices in India
Russian Urals crude has reached record prices in India, with shipments trading close to $98 per barrel including freight and shipping costs. This reflects strong demand from one of the world's fastest-growing energy markets.
Russian Oil Tankers Divert to India
Two Russian oil tankers carrying 1.4 million barrels of Urals crude have diverted to India, according to ship tracking data. The rerouting suggests New Delhi is preparing contingency plans amid the Middle East conflict, potentially altering trade flows.
What's Next
The discount may narrow if OPEC+ announces further production cuts at its next meeting in August. However, analysts warn that sustained weak demand could keep Urals at a discount for the rest of the year.
3 sources
Russian Urals crude discount widens to $15 per barrel
