FX.co ★ Urals Oil Prices Remain Stable

Urals crude prices have fluctuated between $61 and $65 per barrel since August, while Brent crude has been priced in the $65–69 range. China continues to be the leading importer of Russian crude oil, with India as Russia's primary client. In a strategic move, U.S. President Trump initiated a pressure campaign targeting India's crude oil purchases from Russia, suggesting that a reduction in imports would exert pressure on Moscow to resolve ongoing conflicts. When India declined to decrease its imports, the U.S. implemented a 50% tariff on Indian imports starting August 27. Nevertheless, India has continued its purchasing activities. Concurrently, Ukrainian drone strikes in September disrupted Russia's exports and heightened the possibility of production cutbacks, compelling Russia to reroute shipments to alternative western ports. Additionally, new limitations on sanctioned tankers have further complicated the flow of Russian oil. In July, both the European Union and the United Kingdom introduced additional restrictions, establishing a floating price cap set at 15% below the average market rate. This cap currently stands at approximately $47.60 per barrel—significantly lower than the $60 cap instituted by the G7 in December 2022.