News & Macrohigh confidence
Russia’s Oil Revenue Sinks as Urals Falls to $59
oilprice.com · September 3, 2026 · Week 2026-36
Summary
Russia's net oil revenue fell 22% year-on-year in August to $3.76 billion, its lowest since February, as the price of its Urals crude dropped to around $59/barrel. The decline is compounded by refinery disruptions from Ukrainian drone strikes and export constraints, leading to forecasts of lower Russian crude production through 2027.
Strategic Implication
Increasing financial and production pressure on Russia could alter its strategic calculus within OPEC+, potentially making it more aligned with Gulf producers on supporting prices through supply management.