Oil Price in Russian Federation — Brent & WTI Crude Today

Russia is one of the world's top three oil producers. Russian Urals crude traditionally trades at a discount to Brent, and Brent pricing remains a key reference point for Russia's oil export revenues and government budget calculations.

Classified here as a opec+ participant (non-opec), Russian Federation trades against Urals and ESPO. That is the pricing reference the sections below work from — the headline Brent number quoted at the top of this page is the global marker, not necessarily the price Russian Federation settles at.

Russian Federation is not an OPEC member but participates in the OPEC+ declaration of cooperation, so it takes on a voluntary production commitment without a seat in OPEC itself. That gives it influence over the supply side of the Brent price while leaving it exposed to compliance disputes: when OPEC+ discipline slips, the benchmark usually falls faster than the group's own output rises.

Russian export grades trade at a negotiated discount to Dated Brent rather than at the headline number, so the Brent print is a reference point rather than a settlement price.

Russian Federation runs refining capacity at export scale. That changes the exposure profile completely: the country buys crude and sells products, so what matters is the refining margin — the crack spread between the crude it takes in and the gasoline, diesel and jet it ships out — rather than the crude price on its own. A high Brent price with wide cracks can be a better outcome here than cheap crude with collapsed margins.

Crude is invoiced in US dollars, so buyers in Russian Federation face two prices at once: the Brent price and the RUB exchange rate. A weakening RUB raises the local cost of a barrel even when Brent is flat, which is why domestic fuel prices in currency-exposed markets often fail to fall when the benchmark does. The reference rate used in the estimates on this site is 92 RUB per USD.