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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
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Moneycontrol
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16-03-2026, 18:14
Russian Urals Crude Price in India Hits Record High Amid Surging Demand, US Waiver
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Urals crude delivered to India reached a record $98.93 a barrel on Friday, highest since Russia redirected exports in early 2022.
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Price surge follows the US widening its permit, allowing more countries to buy Russian crude, expanding a waiver initially for India.
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The discount on Russian crude shipped to Indian ports narrowed to $4.80 a barrel versus Dated Brent, lowest in over four months.
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Indian refiners, including Indian Oil Corp. and Reliance Industries Ltd, purchased 30 million barrels of Russian crude after the US green light.
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Russian President Vladimir Putin urged producers to capitalize on high prices but warned the surge is 'certainly temporary'.
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