Ukraine-Russia: How much oil comes from Russia? Oil prices per barrel today and why oil prices are going up

As the US announces plans to cut itself off from Russian oil amid Vladimir Putin’s invasion Ukraine, here’s how much oil prices are per barrel today and why the price of oil is rising

Oil prices hit seven-year highs and soared by 6% on Thursday February 24 as Russian forces embarked on a full scale invasion of Ukraine.

Russia’s oil and gas reserves have long supplied many countries around the world, with European countries like Germany and Italy relying on Russia for 40% and 30% of their gas supply, respectively.

President Joe Biden of the United States announced on Tuesday (March 8) that the US would be banning Russian oil and coal imports amid Vladimir Putin’s ongoing military attack on Ukraine.

How much oil comes from Russia? Here's why oil prices are surging (Image credit: Getty Images via Canva Pro)

Meanwhile, the UK Government revealed its own plans to phase out Russian oil imports after calling on the European Union to cut down its dependency on Russia for its fuel.

Here’s why oil prices are rising today, oil prices per barrel today so far and how much oil Russia produces.

Why are oil prices going up?

Russia’s full scale invasion of Ukraine on Thursday February 24 has seen the price of oil and gas surge as concerns over oil and gas supply to nearby countries rose amid sanctions on projects like Nord Stream 2.

Oil prices have been steadily rising in recent months due to Russia’s increased aggression toward Ukraine, the coronavirus pandemic and growing supply concerns in the wider energy market.

But Putin’s attack on Ukraine has delivered the biggest spike yet to global oil and gas prices.

While a US State Department official had previously told Reuters ahead of President Biden’s first wave of sanctions on Russia that the country’s oil and gas flows would not be targeted, President Biden has since pivoted – announcing a ban on Russian oil and coal imports to the US on Tuesday (March 8).

The move, echoed in part by the UK Government’s plans to phase out its oil imports from Russia, will likely send climbing oil prices even higher above its current threshold.

Oil prices per barrel today

Benchmark crude oil prices per barrel soared to more than $105 a barrel on February 24 as fears arose over the impact of sanctions on Russia on its oil and gas supply to the west.

Brent Crude is currently trading at around $130 a barrel (bbl) as of 8.55am on Wednesday (March 9), in a whopping 40% rise on the last month and roughly 90% rise on the last year.

West Texas Intermediate (WTI) crude is also trading up by 20% on the week prior at $129.87 as of 9.02am GMT.

The rise of Brent Crude to more than $100 a barrel is the first time it has risen above the threshold in seven years – last reaching $100 in August 2014.

However, after prices soared to nearly $140 on Monday there are fears that it could reach the record levels seen in the 2008 financial crash, when oil prices reached almost $150bbl.

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How much oil comes from Russia?

Russia is the world’s third largest oil producer behind Saudi Arabia and the US, as well as Europe’s largest supplier of natural liquefied gas - providing up to 40% of its supply.

According to the International Energy Agency (IEA), Russia produced 11.3 million barrels of oil per day (mb/d) in January 2022 – with 10 million barrels of crude oil alone, 960 thousand barrels of condensates and 340 thousand natural gas liquids.

This came behind the US’ total oil production of 17.6 mb/d and Saudi Arabia’s production of 12 mb/d.

However, while the third largest producer, Russia is still the world’s largest oil exporter and is responsible for the the second largest amount of crude oil exports behind Saudi Arabia.

The US and UK decision to cease and phase out oil imports from Russia has been welcomed by Ukrainian president Volodymyr Zelenskyy, who told Members of Parliament in a landmark address to the House of Commons on Tuesday evening that the move “is a powerful signal to the whole world.”

Mr Zelenskyy added: "Either Russia will respect international law and not wage wars, or it will have no money."

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