Photo: EPA

The flagship grade of Russian crude oil for delivery to Indian ports next month was sold at the biggest discounts to benchmark Brent since 2022. About writes Reuters.

According to industry sources, Urals crude for delivery to India in February was sold at a discount of $10 per barrel. The discount increased by $3-5 compared to the fall 2025 delivery and approached the highest on record.

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Urals crude has been a key feedstock for Indian refiners since 2023, when Russia reoriented supplies to Asia after the European Union restricted the use of Russian energy resources.

Traders note that cheap Urals, on the one hand, may attract the attention of Indian refineries. But on the other hand, New Delhi is still looking for an alternative to supplies from Russia due to US pressure.

Sources familiar with the situation say that Indian Oil Corp, the country's largest oil refiner, has purchased 7 million barrels of oil, including from Brazil's Petrobras, for delivery in March to replace Russian oil.

Since December 2025, after the US sanctions against Lukoil and Rosneft came into effect, India has reduced its Urals imports. Instead China has sharply increased supplies of this grade to its refineries.

India is reducing its imports of raw materials from Russia as it seeks a trade deal with the US, and companies are trying to diversify their purchases amid uncertainty. An additional argument was hints from the Finance Minister Scott Bessent on the possible abolition of additional 25% duties for India after a sharp decline in Indian imports of Russian oil.

  • According to preliminary estimates by Reuters, Russia's oil and gas revenues could to fall by 46% in January due to lower oil prices and a stronger ruble.