WTI Diverges From Urals as Russian Crude Slumps to $59/bbl

Russia's tax authority calculated August oil revenues using a Urals price of just over $59 per barrel, a steep drop from the nearly $95 average seen last spring when the Iran war pushed buyers toward non-Gulf barrels. Net oil revenue sank 22% year-over-year to $3.76 billion, the lowest since February.

This widening discount on Russian grades underscores a broader global crude oversupply dynamic that WTI traders must weigh, even as Deputy PM Alexander Novak insists the recent output dip is temporary, tied to refinery maintenance rather than structural decline.

As Russian refineries resume operations and output normalizes, additional barrels re-entering the market could reinforce downward pressure on benchmark pricing, keeping WTI sensitive to shifts in Russian export volumes and discount levels relative to Brent.