https://sputnikglobe.com/20220811/russia-winning-in-energy-markets-bloomberg-says-1099468723.html
Russia Winning in Energy Markets, Bloomberg Says
Russia Winning in Energy Markets, Bloomberg Says
Sputnik International
MOSCOW (Sputnik) - Russia is winning in the energy markets, getting the opportunity to cope with Western sanctions, while the EU may face an energy crisis in... 11.08.2022, Sputnik International
2022-08-11T05:17+0000
2022-08-11T05:17+0000
2022-08-11T13:15+0000
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Blas said that in July, Russia's oil output returned to the levels observed before Moscow's special military operation in Ukraine, averaging about 10.8 million barrels per day.Most of that crude is going to Asia - notably India - as well as Turkey and elsewhere in the Middle East, he said.Blas said that as Brent crude is hovering at about $100 per barrel, and as Russia can offer smaller discounts, huge funds are coming in to the Kremlin, and energy sanctions against Moscow are not working.Russia's political success, he said, is the following: in March and April, Western politicians thought OPEC, led by Saudi Arabia and the UAE, would dump its alliance with Russia, but the opposite has been the case.According to Blas, Russian President Vladimir Putin can afford to forego revenue by restricting natural gas sales to Europe, which is preparing for massive retail energy price increases and potential shortages.Since 2021, energy prices in Europe have been growing as part of a global trend. After the beginning of Russia's military operation in Ukraine and the adoption of several packages of sanctions against Moscow by the West, fuel prices have accelerated the growth, pushing many European governments to resort to contingency measures.Russian President Vladimir Putin said that that Western countries overestimated the possibilities of alternative sources of energy, and that Brussels' "short-sighted" policies are behind the current price crunch.Speaking on restriction against Russia's oil exports, the Russian president underscored that such a move would effectively result in a situation similar to that of the current surge of gas prices.
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Russia Winning in Energy Markets, Bloomberg Says
05:17 GMT 11.08.2022 (Updated: 13:15 GMT 11.08.2022) MOSCOW (Sputnik) - Russia is winning in the energy markets, getting the opportunity to cope with Western sanctions, while the EU may face an energy crisis in the fall, according to an article by Bloomberg columnist Javier Blas.
Blas said that in July, Russia's oil output returned to the levels observed before Moscow's special military operation in Ukraine, averaging about 10.8 million barrels per day.
"Russia has found new customers for the million barrels a day or so that European oil refiners have stopped purchasing due to self-sanctioning," the columnist covering energy and commodities wrote.
Most of that crude is going to Asia - notably India - as well as Turkey and elsewhere in the Middle East, he said.
Blas said that as Brent crude is hovering at about $100 per barrel, and as Russia can offer smaller discounts, huge funds are coming in to the Kremlin, and energy sanctions against Moscow are not working.
Russia's political success, he said, is the following: in March and April, Western politicians thought OPEC, led by Saudi Arabia and the UAE, would dump its alliance with Russia, but the opposite has been the case.
According to Blas, Russian President Vladimir Putin can afford to forego revenue by restricting natural
gas sales to Europe, which is preparing for massive retail energy price increases and potential shortages.
Since 2021, energy prices in Europe have been growing as part of a global trend. After the beginning of Russia's military operation in Ukraine and the adoption of several packages of sanctions against Moscow by the West, fuel prices have accelerated the growth, pushing many European governments to resort to contingency measures.
Russian President Vladimir Putin said that that Western countries overestimated the possibilities of alternative sources of energy, and that Brussels' "short-sighted" policies are behind the current price crunch.
Speaking on restriction against Russia's oil exports, the Russian president underscored that such a move would effectively result in a situation similar to that of the current surge of gas prices.
