India's Russian Oil Price Reaches New High Amid Rising Urals Demand

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Russian Urals Crude Price in India Hits Record High Amid Surging Demand, US Waiver

Urals crude on India’s west coast reached $98.93 a barrel on Friday, according to data from Argus Media

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Moneycontrol•16-03-2026, 18:14

Russian Urals Crude Price in India Hits Record High Amid Surging Demand, US Waiver

•Urals crude delivered to India reached a record $98.93 a barrel on Friday, highest since Russia redirected exports in early 2022.
•Price surge follows the US widening its permit, allowing more countries to buy Russian crude, expanding a waiver initially for India.
•The discount on Russian crude shipped to Indian ports narrowed to $4.80 a barrel versus Dated Brent, lowest in over four months.
•Indian refiners, including Indian Oil Corp. and Reliance Industries Ltd, purchased 30 million barrels of Russian crude after the US green light.
•Russian President Vladimir Putin urged producers to capitalize on high prices but warned the surge is 'certainly temporary'.

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