The gap between Urals oil offers and benchmark prices in Russian ports has narrowed to its lowest point since September of last year, according to data from the Center for Price Indices CPI and reported by RBC. Market observers note that this compression in discounts is not just a matter of price moves but reflects shifting dynamics in export flows and the evolving pricing landscape for Russian crude.
CCI data show that the discount on the ESPO grade is also tightening. Specifically, the Urals discount relative to the Platts Dated Brent benchmark on FOB Primorsk is around $12 per barrel, with a similar discount level noted for FOB Novorossiysk. In practical terms, buyers are paying roughly a $12 per barrel premium over the Brent-linked price for Urals when shipments depart from these ports, a signal of changing supply characteristics and market perceptions of risk and value.
Comparisons with the prior week show these discounts essentially holding at about $12.1 per barrel for Primorsk and $12.3 per barrel for Novorossiysk. The last time discounts existed at this level was in September of the previous year, while during December and January the discounts briefly exceeded $18 per barrel. In some market reports, traders noted discounts closer to $11.5 per barrel, underscoring a degree of volatility and regional variation in pricing pressures across the Russian export routes.
Analysts attributed the compression in Urals discounts to a downturn in export volumes and a growing share of what is described as the shadow fleet, vessels used to move crude more covertly and thereby partially offset sanctions pressures. This shift in logistics and scheduling adds a layer of complexity to the pricing equation, as supply chains adapt to geopolitical and regulatory constraints while still meeting international demand for crude oil flows.
For observers in Russia and abroad, the evolving pricing structure of Urals and ESPO cargoes signals broader implications for sanctions policy, maritime logistics, and the pricing of Russian crude in major markets. The market response to these indicators remains a focal point for energy traders, policy analysts, and financial institutions monitoring commodity risk, transport capacity, and the resilience of export channels under ongoing geopolitical pressures.