Media: Russian Urals crude hits record high in India

Prices for Russia’s key export blend, Urals crude, reached a record high in India following the US’s expansion of a permit allowing the purchase of Russian oil, as rising global oil prices amid the Middle East war further fueled the surge.

Urals crude delivered to India’s west coast hit $98.93 a barrel on March 13, including shipping costs, marking the highest level since Russia redirected exports to India after its invasion of Ukraine in early 2022, according to data from Argus Media. The discount on Russian crude compared to the global benchmark Dated Brent narrowed to $4.80 a barrel, the lowest in over four months, Bloomberg reports.

The spike follows the US Treasury’s second authorisation last week allowing buyers to take Russian oil cargoes already at sea. The move expanded a temporary waiver, previously granted only to India, to any country. Indian refiners, including Indian Oil Corp. and Reliance Industries Ltd, reportedly purchased about 30 million barrels of unsold seaborne Russian crude after receiving approval earlier this month.

At Russia’s western ports, Urals averaged $73.73 a barrel on March 13, the highest since mid-July 2024. The price remains well above the $59-a-barrel average assumed in Russia’s 2026 budget. President Vladimir Putin urged Russian oil and gas producers to capitalise on soaring prices, while cautioning that the surge is “certainly temporary” and companies should plan accordingly.

By Sabina Mammadli