Oil prices nearing $100 a barrel is bad news for inflation — but it's good news for Russia

Mon, 09/25/2023 - 00:27

Russian President Vladimir Putin delivers key speech during the Russian Energy Week 2022 in Moscow, Russia on October 12, 2022. ( — Russian President Vladimir Putin delivers key speech during the Russian Energy Week 2022.
Kremlin Press Office/Handout/Anadolu Agency/Getty Images

Oil prices have gained over 10% so far this year following output cuts from Saudi Arabia and Russia.
The gains could boost Russia's oil revenues. Russia is subject to a $60-a-barrel price cap.
Russia has shipped half of its seaborne crude without Western insurance this Spring — meaning it may be selling at higher prices, per the FT.

Oil prices are nearing $100 a barrel, throwing a spanner into the US Federal Reserve's fight against inflation — but at least one party would be rejoicing: Russia.