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India cuts Russian crude imports as Urals prices surge

The price of Russia’s flagship Urals grade loaded in Baltic ports has jumped to nearly match the price India pays for alternatives.

Reported · Written up by our desk · Energy

OilPrice reports that India is reducing its imports of crude oil from Russia, though the outlet says the move is mostly not driven by the U.S. tariff threat tied to buying Russian oil.

According to OilPrice, Indian refiners’ buying decisions are mainly guided by economics, and that dynamic is behind recent changes in Russian crude flows.

The outlet attributes the shift to an increase in the price of Russia’s flagship Urals grade loaded in Baltic ports, saying it has risen sharply and now nearly equals the price.

OilPrice also notes that the cutbacks come as Russia scales back exports of Russian oil, reflecting the higher Urals pricing environment.

Latest closeWTI crude $89.70 ▼1.6%

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