Abu Dhabi National Oil Company Announces Official Crude Oil Prices for November

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(1) According to quotations, Urals crude currently has a premium of about $10 per barrel over spot Brent, inferred to be the landed price at Indian ports. (2) Meanwhile, institutional assessments show that in early October, Urals crude FOB from Russian ports was trading at a discount of around $35 per barrel, compared to about $29.5 per barrel in September. (3) These discount changes have undoubtedly been affected by the general increase in shipping costs, but the net price is still about $92 per barrel. (4) There is no single price for Urals crude; various quotations appear to come from unnamed traders. (5) Despite the threat of new U.S. sanctions, global demand for Russian or other origin crude, particularly those with higher diesel yields—such as Urals and ESPO blend crude—remains relatively resilient. (6) From a logical perspective, the divergence in quotations reflects multiple pricing factors, including transportation, sanctions, and quality differences, while the strong demand for crudes with high diesel yields provides underlying support. (7) Looking ahead, key areas of focus include the enforcement intensity of sanctions, the direction of shipping costs, and changes in the purchasing pace of major buyers such as India.