Urals oil

Urals oil is the primary crude being rerouted from China to India, indicating a strong demand for this specific Russian crude grade in the Indian market.

The average price of Russia's Urals oil, used for taxation, jumped to $77 per barrel in March, significantly exceeding the state budget's assumption and contributing to Russia's increased tax revenue.

Urals oil, Russia's export blend, has seen its price rise considerably, exceeding the Russian Finance Ministry's budget assumptions. This increase is a direct result of global market tightening due to the Iran war and increased demand from countries like India.

Urals blend, Russia's primary crude export, has seen its price fall significantly below international benchmarks due to increased discounts demanded by buyers to compensate for sanctions risk.

Urals oil, a heavy, sulfur-rich crude supplied by Russia, is a key commodity in this discussion, as its specific grade makes it difficult for Indian refiners to simply substitute with lighter US shale oil.