Prices for Urals crude cargoes loading from Russia's western ports fell by about 60% this week from the March peak, as Brent dropped and prices for the grade softened in India, according to traders' data and Reuters calculations.
Here are details:
Price differentials for Russia's Urals crude delivered to India in August have fallen to their lowest levels since late February amid ample supply and rising competition.
The spike in oil prices in March has made Russia a major beneficiary of the war that the United States and Israel launched against Iran on February 28, but the windfall gains were short-lived.
Estimated FOB prices for Urals oil (URL-PRMSK), (URL-NVRSK) - Russia's flagship export blend - in the ports of Primorsk, Ust-Luga and Novorossiisk dipped below $45 per barrel on Tuesday from a peak of around $114 per barrel in March.
Facing lower revenues from oil exports before the price surge, Russia ran a budget deficit equal to 1.9% of gross domestic product in the first quarter of 2026, above the annual target of 1.6%, and sold foreign currency from its fiscal reserve fund to cover it.