Urals Discount Persists at $25 as Sanctions Fail to Remove Russian Oil from Market

Three and a half years of sanctions have not removed Russian Urals crude from the global market, but the discount to Brent remains around $25 due to tanker shortages and high freight costs. Cargoes are being transferred at sea to supertankers, indicating adaptation to sanctions. The true market for Urals in the old sense no longer exists, suggesting structural changes in pricing and logistics.