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Russia Slashes Oil Prices for India Amid Production Decline

1/29/2026

36 3 Full Breakdown

Summary

Story summary

Russia significantly cut oil prices for India, with some shipments priced as low as $22–25 per barrel.
Discounts on Russian Urals crude have exceeded $25 per barrel, with the average export prices falling to $39 in December.
By January, prices dropped further to $34–36 per barrel.
Russian oil production in 2025 reached 512 million tons, the lowest since 2009, while Ukrainian drone strikes have pressured Russia's refining capacity.

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Story summary

Russia significantly cut oil prices for India, with some shipments priced as low as $22–25 per barrel.
Discounts on Russian Urals crude have exceeded $25 per barrel, with the average export prices falling to $39 in December.
By January, prices dropped further to $34–36 per barrel.
Russian oil production in 2025 reached 512 million tons, the lowest since 2009, while Ukrainian drone strikes have pressured Russia's refining capacity.