Russian Crude Oil Prices For China Have Broken Through The Bottom

• 22.01.2026, 13:01

Due to a sharp drop in demand from another major buyer.

Prices for Russian Urals crude for China have fallen to an all-time low due to a sharp drop in demand for Russian crude from another major buyer, India, according to Bloomberg.

According to the publication's sources, Russia is selling its oil to the Middle Kingdom this week at a discount of about $10 to the cost of Brent crude, that is, for about $55 a barrel. This price probably includes the cost of transportation, since in December the average cost of Urals fell below $40 per barrel.

"For comparison, in August, the premium was about $1 per barrel above Brent crude futures," the publication notes. That is, in August, Russia sold its oil to China even more expensive than the cost of Brent crude.

The publication notes that oil exports from Russia recently fell to the lowest level since August 2025. In addition, Russian oil exports to India fell to their lowest level in three years as of December 2025.