Urals Oil Prices Remain Stable

Urals crude has been trading between $61 and $65 per barrel since August, compared with $65–69 for Brent. China remains the largest buyer of Russian crude, while Russia continues to be India’s top supplier. In response to India’s purchases, US President Trump launched a pressure campaign, warning that cutting imports would help push Moscow to end the conflict. After New Delhi refused, Washington imposed a 50% tariff on Indian imports, effective August 27. Despite the move, India has maintained its buying. Meanwhile, Ukrainian drone attacks in September disrupted Russian exports and raised risks of production cuts, forcing Moscow to redirect shipments to other western ports. New restrictions on sanctioned tankers have further complicated Russian flows. In July, the EU and UK imposed additional measures, introducing a floating price cap set at 15% below the average market price—currently around $47.60 per barrel—well below the G7’s $60 cap established in December 2022.