Saudi Arabia and Russia Win Big in Gamble on Oil Cuts
September 28, 2023 No Comments
Brent crude is climbing toward $100 a barrel after the two OPEC+ nations made risky choice to slice production
Brent crude is climbing toward $100 a barrel after the two OPEC+ nations made risky choice to slice production
India’s oil trade, in response to the turmoil of sanctions and the Ukraine war, provides the strongest evidence so far of a shift into other currencies that could prove lasting.
The shift by the Energy Department, which previously was undecided on how the virus emerged, is noted in an update to a 2021 document by Director of National Intelligence Avril Haines’s office.
Moscow plans to lower production by about 5% in rare move outside of alliance with OPEC.
Still, Russia has proved resilient in its economic standoff with the West. The Russian economy didn’t suffer as much last year as many economists had anticipated given the broad sanctions levied against it.
Russia has managed to keep its oil moving to world markets, defying fears that sanctions imposed last month would lead to a plunge in exports.
Russia’s war on Ukraine has redrawn the global oil map, rerouting a fleet of skyscraper-size tankers on longer voyages as they shuttle crude shipments that are essential to the global economy.
So far Russia has been able to redirect many of its crude exports, but they are selling at a steep discount to a handful of buyers including India, China and Turkey.
President Vladimir Putin on Tuesday delivered Russia’s long-awaited response to a Western price cap, signing a decree that bans the supply of crude oil and oil products from Feb. 1 for five months to nations that abide by the cap.
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