Story perspectives

Russia's Oil Income Soars Amid Record Prices and Demand

3/18/2026

Summary

Story summary

For the week ending 15 March, Russia's seaborne oil income rose $890 million to about $2.07 billion.
The rise followed higher prices and India's purchases after a United States waiver for sea-bought oil.
Urals crude hit a record $98.93 per barrel.
Volodymyr Zelenskyy, Ukraine's president, and Valdis Dombrovskis, EU commissioner, warned that lifting restrictions could benefit Russia.
The surge also cleared a backlog of 140 million barrels of unsold crude.

History

Historical Context

The 1973 Oil Crisis began when the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an embargo in response to Western support for Israel during the Yom Kippur War. This led to a dramatic price increase from $3 to nearly $12 per barrel, causing global economic turmoil. Today, rising oil revenues for Russia, fueled by high prices and increased Indian purchases, echo the geopolitical tensions of that era.

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Story summary

For the week ending 15 March, Russia's seaborne oil income rose $890 million to about $2.07 billion.
The rise followed higher prices and India's purchases after a United States waiver for sea-bought oil.
Urals crude hit a record $98.93 per barrel.
Volodymyr Zelenskyy, Ukraine's president, and Valdis Dombrovskis, EU commissioner, warned that lifting restrictions could benefit Russia.
The surge also cleared a backlog of 140 million barrels of unsold crude.

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