Urals crude tumbled to about $34 a barrel at the point of export last week, a deep discount to international benchmarks.
The Glen Cove tanker moored at Jawaharlal Nehru Port in Navi Mumbai, Maharashtra, India, on Saturday, Aug. 9, 2025. US President Donald Trump said he'd impose a 50% tariff on Indian exports to the US half of which includes a penalty for purchases of Russian oil. Photographer: Bloomberg/Bloomberg
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