Discounts on Russian Urals crude in Indian ports have tripled compared to August and now stand at $5–6 per barrel below dated Brent. This comes as a result of tightened U.S. sanctions, which have prompted key buyers to start refusing Russian oil. Reuters reported this, citing three industry sources.
In October, Washington strengthened restrictions against Russia’s energy sector, targeting Lukoil and Rosneft. Friday is the deadline for companies to end all operations with these producers.
Since 2023, Urals has been the main crude grade for Indian refineries after Moscow redirected energy supplies from the EU market to Asia. However, deliveries are expected to drop sharply soon — most Indian refineries are temporarily halting purchases, the sources noted.
In particular, India’s largest private refiner, Reliance Industries, stopped importing Russian crude to its Jamnagar complex on November 20, a company representative confirmed.
Despite the sanctions, Russian oil exports from western ports remain near peak levels thanks to OPEC+ approval to increase production and outages at Russian refineries following drone attacks.
Urals cargoes for December delivery are being sold at $5–6 discounts, compared to just $1–2 in August.
Prices for Indian buyers are typically set on DES (delivered-ex-ship) terms — already including the seller’s transportation and other fees.
On FOB terms at Russian ports, Urals is currently priced at a discount of about $20 per barrel, depending on the shipment and seller. Most shipments are carried out by a “shadow fleet” associated with Russia, allowing Moscow to maintain an additional margin.
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