The head of the Russian state, Vladimir Putin, said at a recent forum of entrepreneurs that the West – that is, Europe – will not be able to stop using Russian oil and gas for many years to come, Interfax news agency reported. interested in trade. The president said they are unlikely to turn down our energy sources in the coming years.
The significance of Putin’s note is highlighted by the fact that Russians’ revenue from these exports is expected to soar into the starry sky. Oil prices jumped 50 percent by early 2022, rising to a 13-year high after strong demand growth combined with tight supply. As a result, Russia’s oil and gas exports could bring the country $235.6 billion in sales, 20 percent higher than in 2021, according to a Bloomberg Economics calculation.
Despite attempts to impose sanctions, the European economy remains vulnerable to Russian energy, and the Russian head of state is right that this may remain so for a long time to come. For example, the German government has promised to cut off Russia’s gas imports by 2024, which now cover 35 percent of the country’s natural gas needs. Buyers of lost oil due to restrictions have been found in India and China, albeit at a discount.
Putin has been only talking about giving Russia a trump card to Europe over this loophole for some time to come. The council said that the global oil supply is declining and prices are rising, that’s all with a smile on the edge of his mouth. Corporate revenue is growing because of this and everyone knows it.
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