Amid rising global energy demand, Russian President Vladimir Putin has warned that oil prices could surge above $100 per barrel if Russian crude is removed from the market. Speaking at an economic discussion forum, Putin told Interfax that the loss of Russian oil volumes would immediately destabilize the global energy market, causing prices to spike and threatening the economies of countries already struggling, particularly in Europe. He emphasized that even imagining the exclusion of Russian producers and traders from the market would trigger such a sharp increase.
The comments come as the United States intensifies efforts to pressure Russia’s remaining customers, notably India, to halt imports of Russian crude. Since the invasion of Ukraine, India has increasingly relied on discounted Russian oil, which is banned in the West, to manage its crude import costs. The Trump administration has specifically criticized India for purchasing Russian oil, highlighting tensions between trade considerations and geopolitical efforts to isolate Russia.