At the beginning of December 2025, the prices for Russian Urals oil exports at Baltic ports sharply decreased, reaching $41.16 per barrel. In the Black Sea ports, the price fell even lower — to $38.28 per barrel, which is $2.80 less than the previous week. The discount of Urals to Brent amounted to $25.80 per barrel, more than double the level recorded before the latest round of U.S. sanctions. The Far Eastern ESPO grade also decreased by $1.60, settling at $52.36 per barrel.
This is reported by Business • Media
Record Volumes of Russian Oil at Sea
Amid falling prices, Moscow is increasing the volumes of maritime exports. In the first week of December, tankers exported 29.65 million barrels of oil (38 vessels), surpassing the previous week’s figures of 27.61 million barrels (35 vessels). The average daily export volume reached 4.24 million barrels, the highest level since the beginning of the full-scale invasion of Ukraine. At the same time, more and more oil remains at sea: over the past two weeks, an additional 20 million barrels have accumulated on tankers, bringing the total volume of Russian oil at sea to a record 180 million barrels. Due to American sanctions, Russia may lose 1.2–1.4 million barrels of daily exports.
Sanctions Complicate Oil Delivery to End Consumers
On December 9, near the Chinese port of Zhichao, the tanker Fortis anchored with a cargo of sanctioned oil from Rosneft. The vessel delivered about 700,000 barrels of oil that was loaded at the Ust-Luga port on September 22. The fate of the cargo remains unknown, as almost all import terminals in Zhichao are on the U.S. blacklist. The prolonged 11-week route, exceeding the usual timeframe by nearly a month, illustrates the uncertainty for Russian oil exports under sanctions. Buyers are trying to avoid increased attention from the U.S.
“The convoluted journey of Rosneft’s cargo, which lasted 11 weeks (a month longer than usual), demonstrates the uncertainty that sanctions have created for Russian oil exports. Buyers are trying to avoid heightened scrutiny from Washington.”
Against this backdrop, four out of the seven largest oil refining companies in India are now actively purchasing Russian oil, taking advantage of significant discounts and seeking “non-sanctioned” barrels to minimize risks.
The decline in sales volumes and reduced processing due to Ukrainian attacks forced Russia to produce less oil last month. The shortfall from target levels amounted to 100,000 barrels per day, and the country fell short of the OPEC+ quota. This is notable, as Russia has traditionally exceeded the limits set by the cartel.