Will the average price of Russia’s Urals oil remain below $40 per barrel until April 2026?

According to reporting by The Telegraph, Russia has been forced to sell its benchmark Urals crude oil at steep discounts amid tightening sanctions and shifting trade dynamics. In January, Urals reportedly averaged $37.50 per barrel, trading roughly 42% below Brent, which stood near $67. Analysts attribute the widening discount to U.S. sanctions targeting major producers such as Rosneft and Lukoil, as well as India’s reduced purchases of Russian crude following new trade arrangements with the United States.