Russian “Urals” oil prices in India hit record high

Prices for Russiaʼs main export blend, “Urals” crude, which is supplied to India, have hit record highs following the US decision to temporarily allow countries to buy Russian oil.

Bloomberg writes about this.

On Friday, March 13, the price of Urals on the west coast of India, including delivery, reached $98.93 per barrel, the highest since Russia redirected a significant portion of its oil exports to India after its full-scale invasion of Ukraine.

The price increase came amid a rise in global oil prices due to the war in the Middle East. At the same time, the discount on Russian oil delivered to Indian ports has narrowed to $4.80 per barrel.

Last week, the US Treasury Department issued a license allowing buyers to buy Russian oil already at sea. Previously, such a temporary waiver from sanctions was only available to India, but it has now been extended to other countries.

According to Bloomberg sources, after that, Indian oil refining companies — including Indian Oil Corporation and Reliance Industries — purchased about 30 million barrels of Russian oil, which is transported by sea.

At the same time, the average price of Urals in western Russian ports was $73.73 per barrel, the highest level since mid-2024. It significantly exceeds the average price of $59 per barrel set in the Russian budget.

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