Russia's Urals discount widens to deepest since April 2023 as Gulf crude returns
Urals discounts widened $2.95 a barrel in a week as Gulf crude returned through Hormuz and Indian refiners shifted to competing supplies, Argus said.
- Discounts on Russian Urals crude widened to levels last seen in April 2023 as Persian Gulf oil supplies returned through the Strait of Hormuz, Kommersant reported Friday.
- Indian refiners pivoted to Persian Gulf crude in October as freight costs priced out Russian barrels, with imports from Russia falling 67% month-over-month, according to S&P Global Commodities at Sea.
- In the week ending November 6, Urals traded $31 a barrel below Dated Brent at Baltic ports and $33 a barrel below it at Novorossiysk, widening by up to $2.95 a barrel.
- Global oil supply reached 105.4 million barrels a day in October, the International Energy Agency noted, as rebounding Gulf shipments pushed markets into surplus for the first time since the Middle East conflict began.
- Finance Minister Anton Siluanov told the Duma on October 29 that the 2027 budget assumes a Urals price of $50 a barrel, down from the previous $59 a barrel forecast.
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The world oil market is returning to surplus, helped by a recovery in exports from Gulf countries. Russia's oil and fuel production also increased in October, helped by an agreement with the Trump administration, the International Energy Agency said in its regular monthly report on the oil market.
Oil markets swing toward surplus as Gulf exports rebound despite Iran war
Global oil supplies have overtaken demand for the first time since the start of the Iran war, as Persian Gulf exports recover faster than consumption, Bloomberg reports, citing the International Energy Agency.Gulf oil exports have climbed to 74%...
Russia ' s contribution to oil and petroleum exports increased by $3.61 billion in October compared to September, reaching $21.15 billion, the highest level since May this year.
Exports of petroleum and petroleum products from the Russian Federation in October amounted to 6.82 million barrels per day (b/s), an increase of 260,000 b/s over the previous month, but 570,000 b/s below October 2025, were calculated by International Energy Agency (IEA) analysts.
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