Business · Energy & Commodities · 13 hrs ago
Russian Urals Oil Discounts to Brent Reach Their Widest in More Than Three Years
In early November, Russia’s Urals crude was offered at its widest discounts to Brent in more than three years.
At Baltic ports, the discount was $31 per barrel, and at Novorossiysk on the Black Sea it was $33.
Weak demand and high shipping costs made Russian oil less competitive as supplies from Middle Eastern producers recovered.
India imported 2.1 million barrels of crude through the Strait of Hormuz in November, compared with 1.8 million barrels from Russia.
Russian export volumes stayed broadly steady despite the larger discounts.
Analysts said lower global oil prices and wider discounts could reduce Russian producers’ export earnings, which they believe may already have peaked.
Middle Eastern shipments are nearing prewar levels, adding competition for Russian oil.
Urals crude was offered at its widest discounts to Brent in more than three years in early November.
The discounts reached $31 per barrel at Baltic ports and $33 per barrel at Novorossiysk between Nov. 1 and 6.
Weak demand, high shipping costs and rising supplies from Persian Gulf producers contributed to the widening discounts.
India imported more crude through the Strait of Hormuz than it imported from Russia in November.
Export volumes from Russia’s Baltic ports and Novorossiysk remained broadly steady despite the wider discounts.
- Who
- Russian oil producers and buyers, including India, are affected.
- What
- Urals crude was offered at its widest discounts to Brent in more than three years.
- When
- Between Nov. 1 and 6; the article was published Nov. 13, 2026.
- Where
- At Russia’s Baltic ports and the Black Sea port of Novorossiysk.
- Why
- Weak demand, high shipping costs and recovering Middle Eastern supplies increased competition for Russian oil.
This story does not have two clearly opposing sides.
Urals was offered at discounts of $31 per barrel at Baltic ports and $33 per barrel at Novorossiysk.
India’s crude imports through the Strait of Hormuz reached 2.1 million barrels per day, compared with 1.8 million barrels per day imported from Russia.
The Moscow Times published its report on the widening discounts.
- Baltic ports discount
- $31 per barrel below Brent
- Novorossiysk discount
- $33 per barrel below Brent
- Discount comparison
- Both discounts were the widest since April 2023
- Baltic port shipments
- About 1.5 million barrels per day
- Novorossiysk exports
- 762,000 barrels per day
- India imports via Strait of Hormuz
- 2.1 million barrels per day in November
What people are saying
rising supplies from Persian Gulf producers were increasing competition for Urals
High freight costs have made Russian crude less competitive