Urals crude prices at Russian ports slip below $100 per barrel

MOSCOW: Prices for Russia’s flagship Urals crude at its western ports slipped below $100 per barrel late last week, easing from 14-year highs but still at their strongest levels since mid-2022, traders’ data and Reuters calculations showed.

Urals traded above $100 per barrel for most of April amid a global energy supply squeeze due to the Iran war.

This week, however, the average Urals price on a FOB (free on board) basis at Primorsk and Novorossiisk fell to around $90 per barrel, tracking weaker Brent prices after a fragile ceasefire between the U.S. and Iran.

The average Urals price from the start of the year to April 24 was $65 per barrel, compared with an average of $45 before the war broke out on February 28.

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The average Urals discount to dated Brent on a FOB basis in Russia’s western ports has narrowed to about $18 per barrel in April, from $22 in March and $24 in February, traders said.

Prices for cargoes on a delivered basis (DES) in Indian ports rose by around $18 per barrel from end-March, swinging from a discount of about $10 to a premium of roughly $8 per barrel to Brent.

Higher freight rates trimmed exporters’ margins, but elevated global crude prices amid tensions in the Gulf outweighed those costs.

The Russian oil price in roubles used for tax calculations exceeded the level assumed in the federal budget by 46% in the first half of April, driven by the surge in global oil prices.

Russia’s 2026 federal budget assumes an oil price of $59 per barrel.