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Urals Oil Prices Plummet Amid Sanctions and Trade Halt

11/18/2025

50 10 Full Breakdown

Summary

Story summary

Urals crude oil prices fell to $36.6 per barrel at the Novorossiysk port, the lowest since early 2023.
The decline is linked to U.S. sanctions on Rosneft and Lukoil, prompting foreign institutions to cease transactions by Nov. 21.
The Urals discount to Brent widened to $23.5 per barrel, nearly double the typical gap.
Major Indian refineries and Chinese companies have halted purchases, contributing to a significant drop in Russia's seaborne exports.

History

Historical Context

U.S. sanctions on Iran's oil exports began in 2012, leading to a 50% reduction in oil revenue and significant economic strain on the $483 billion oil-dependent economy. These sanctions also affected major buyers like India and China. Similarly, recent sanctions on Russian companies have caused Urals crude prices to drop significantly, illustrating the profound impact of geopolitical actions on global oil markets.

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Story summary

Urals crude oil prices fell to $36.6 per barrel at the Novorossiysk port, the lowest since early 2023.
The decline is linked to U.S. sanctions on Rosneft and Lukoil, prompting foreign institutions to cease transactions by Nov. 21.
The Urals discount to Brent widened to $23.5 per barrel, nearly double the typical gap.
Major Indian refineries and Chinese companies have halted purchases, contributing to a significant drop in Russia's seaborne exports.

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