Russian Oil Discounts Hit 3-Year High as Middle East Supplies Recover

Nov. 13, 2026 transneft.ru Russia’s flagship Urals crude was offered at its steepest discounts to Brent in more than three years in early November as Middle Eastern supplies recovered and India cut purchases of Russian oil. Urals was offered at a $31-per-barrel discount to Brent at Russia’s Baltic ports and a $33 discount at the Black Sea port of Novorossiysk between Nov. 1 and 6, according to Argus data cited by the Kommersant newspaper. Both discounts were the widest since April 2023. Argus attributed the widening to weak demand and high shipping costs. Export volumes held steady despite the wider discounts. Shipments from Baltic ports averaged about 1.5 million barrels per day, in line with early October levels, while exports from Novorossiysk were little changed at 762,000 barrels per day. India’s crude imports through the Strait of Hormuz rose to 2.1 million barrels per day in November, surpassing the 1.8 million barrels per day it imported from Russia, according to data from shipping analytics firm Kpler. Kirill Bakhtin, an analyst at BCS World of Investments, told Kommersant that rising supplies from Persian Gulf producers were increasing competition for Urals. High freight costs have made Russian crude less competitive, said Sergei Frolov, managing partner at NEFT Research. Russian crude for December delivery to India’s west coast fell $2.30 to $94.38 per barrel, putting it $2.25 below Brent. It was the first time since August that Russian crude for delivery there had been priced at a discount to Brent. Analysts at investment firm Vector Capital said Russian oil producers’ revenues appeared to have peaked. They said Middle Eastern crude shipments were approaching prewar levels and expected lower global oil prices and wider discounts on Russian crude to cut producers’ export earnings. This article was translated with the help of artificial intelligence and was reviewed by a Moscow Times editor before publication. Learn more about our newsroom's AI policy here. Read this article in Russian at The Moscow Times' Russian service. Read more about: Oil , Exports , Business Sign up for our free weekly newsletter Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview Subscribers agree to the Privacy Policy We sent a confirmation to your email. Please confirm your subscription. A Message from The Moscow Times: Dear readers, We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent." These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia. We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help. Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact. By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us. Once Monthly Annual Continue Not ready to support today? Remind me later. × Remind me next month Remind me Thank you! Your reminder is set. We will send you one reminder email a month from now. For details on the personal data we collect and how it is used, please see our Privacy Policy. Read more Russia to Extend Diesel Export Ban, Use Quotas to Fulfill U.S. Deal, Sources Say The current ban on diesel exports is due to expire on Oct. 31. 2 Min read Kremlin Says Russia Restarts Diesel Exports After Deal With Trump Spokesman Dmitry Peskov said the exports would have a positive impact on global markets, but would not fully stabilize them. 2 Min read Russia Will Consider Partial Lifting of Diesel Export Ban in Case of Overproduction, Novak Says Novak said that the situation with Ukrainian drone attacks on Russia's energy infrastructure has remained "tense." 2 Min read Russia’s Crude Exports Rise as Diesel Ban Limits Gains From Higher Oil Prices The increase could help Moscow fund its rising military spending, but it comes with a costly trade-off. 2 Min read