Business Hub – International Reports
The rate of Russian oil production and its price in the markets indicate that Moscow has achieved victory in the confrontation in the global oil market. This seems clear, It can be seen by looking at the volume of oil production in Russia.
in the last month, This number has almost returned to the level of the beginning of the year. an average of 10.8 million barrels per day, It is just below 11 million barrels in January and July came to mark the third consecutive month of recovery in oil production in Russia.
As for the price of Russian oil on the world market, in the beginning, Russia was forced to sell oil at huge discounts, But in recent weeks, Moscow regained the possibility of raising prices by taking advantage of the limited supply in world markets. Which makes Western sanctions in the field of energy seem useless
As for the international political pressure, Russia achieved another victory, while Western politicians bet on the non-cooperation of OPEC, Led by Saudi Arabia and the UAE with Russia, The opposite happened. Shortly after US President Joe Biden’s visit to Riyadh, the visit of Russian Deputy Prime Minister Alexander Novak came there, OPEC announced only a slight increase in oil production and a few days after that visit.”
In his article published by Bloomberg Agency, Javier Blas argues that when European sanctions on Russian oil exports enter into force, In November , Western governments will face a difficult choice, Because the energy crisis will begin to affect consumers and industrial companies, and the cold weather will cause a sharp increase in demand for electricity, and this will result in a new rise in inflation, It is expected later this year, For the West to abandon support for Ukraine.
