The volumes of Russian oil production and its prices are comparable to the fact that Russia can withstand competition in the oil market. This opinion was shared by the reviewer bloomberg Javier Blas.
Last month, Russia’s oil production nearly returned to its early-year levels, averaging almost 10.8 million barrels a day, just down from January’s 11 million, the author said.
In addition, according to the observer, in recent weeks, Moscow has restored pricing opportunities, taking advantage of the limited supply in the market.
Blas noted that Western politicians were also optimistic in their expectations that the OPEC cartel would abandon the alliance with Russia, but the opposite happened.
“When European sanctions on Russia’s exports suddenly come into effect, the restrictions of the countries of the region will face a difficult choice, as the threat of a crisis increases sharply with the demand on users and companies,” the author added.
Earlier, the new OPEC Secretary General Haytham al-Ghais said that the Organization of Petroleum Exporting Countries cannot compete with Russia. He explained that Russia is an accidental and extremely influential player in the global energy market. According to him, oil prices began to grow gradually and cumulatively.
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