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Russian President Vladimir Putin warned that global crude oil prices could surge past $100 per barrel if Russian oil supplies are removed from the market.
Speaking at an economic forum in Russia on October 3, as reported by Interfax, Putin emphasized, “It’s unimaginable that removing Russia’s oil output would not have a significant impact. If Russian producers and traders—who supply a substantial portion of the world’s oil—are excluded, prices will immediately spike above $100 per barrel.”
According to Putin, such a price hike would be detrimental to the global economy, particularly for European nations already grappling with growth challenges.
These remarks come as the U.S. intensifies efforts to persuade major remaining buyers to halt Russian crude oil imports. Among them, India—the world’s third-largest oil importer and Russia’s second-largest customer after China—faces significant pressure from Washington.
Since the Russia-Ukraine conflict began, India has increased purchases of discounted Russian oil, restricted by the West, to reduce energy import costs. However, the Trump administration has repeatedly criticized New Delhi, viewing this as enabling Russia to sustain its oil revenues.
In recent discussions, India affirmed its commitment to maintaining Russian imports, suggesting it might reduce purchases if the U.S. allows access to supplies from Iran and Venezuela, both under sanctions.
Reuters tanker-tracking data released on September 30 revealed that Russia exported an average of 3.62 million barrels per day (bpd) of crude oil via sea in the four weeks ending September 28—the highest since May 2024, despite U.S. pressure on key buyers. Yet, despite rising export volumes, Russia’s oil and gas revenues are projected to drop 23% year-on-year in September, primarily due to lower international oil prices and a stronger ruble, Reuters estimates.
Beyond India, a report from the Centre for Research on Energy and Clean Air (CREA) in Helsinki noted that Taiwan (China) imported 1.9 million tons of Russian naphtha worth $1.3 billion in the first half of 2025—six times the average for the same period over the previous three years. Naphtha is critical for petrochemicals and semiconductor production, a cornerstone of Taiwan’s economy.
Source: Oilprice
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“With the US ramping up pressure, India is treading carefully when it comes to choosing its crude oil suppliers.”
