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Urals Oil Discount Hits $20 Amid Sanctions Strain

11/13/2025

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Summary

Story summary

Urals' discount to Brent widened to $20 per barrel due to U.S. sanctions on Rosneft and Lukoil.
The discount has persisted since the invasion of Ukraine, with demand from China and India shaping the level.
As of Monday, Urals was priced $19.40 below Brent at key ports, up from $13–$14 in November.
October 22 sanctions have strained Russia's oil revenues, contributing to a 27% drop in October budget revenues versus last year.

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Story summary

Urals' discount to Brent widened to $20 per barrel due to U.S. sanctions on Rosneft and Lukoil.
The discount has persisted since the invasion of Ukraine, with demand from China and India shaping the level.
As of Monday, Urals was priced $19.40 below Brent at key ports, up from $13–$14 in November.
October 22 sanctions have strained Russia's oil revenues, contributing to a 27% drop in October budget revenues versus last year.