Posted on 06/23/2022 9:08:16 AM PDT by fireman15
The Kremlin has earned a record profit from oil although its invasion of Ukraine has continued for more than three months, triggering a set of punitive measures. Russia reports a drop in its exports to the European Union, but sells more to some alternative markets, notably India. Record-breaking oil prices mean more money to the Russian federal budget, also to sponsor the invasion of Ukraine. Oil-related revenues will edge up as the Russian finance ministry is planning to raise an export levy.
Of all oil-producing countries and their allies, Russia had the biggest oil output in May. Oil and condensate output rose by 130,000 barrels per day (bpd), hitting 10.55 million bpd. Now Moscow is making fortune from oil.
Russia’s export prices were on average 60 percent higher than last year while being 30 percent lower than the world price. The European Union reduced Russian natural gas by nearly a quarter. Despite that, Russian state energy producer Gazprom has earned a record profit. For oil, the drop in export figures makes up for a high price profit.
Russia earned some $97 billion from oil and gas exports during the first 100 days of the war in Ukraine––two-thirds of this revenue was from selling oil while the remaining part––gas. What made up for soaring oil prices was war-triggered sanctions, followed by a drop in supplies to Europe. In consequence, Russia made a lot of money thanks to its invasion of Ukraine. In the past, Russia’s energy revenue sponsored the country’s military buildup. Russia relies heavily on revenues from oil and natural gas, which in 2021 made up 45 percent of the federal budget, the IEA said in a report. Russia’s oil and gas revenue is higher than what the country spends on weapons in Ukraine.
(Excerpt) Read more at warsawinstitute.org ...
I had to edit out quite a bit of the article to make it fit within the maximum body of the thread requirements. For the more complete picture please follow the link.
The only way to end this human tragedy is for Biden to reverse his nonsensical war on domestic energy producers starting with finishing the XL Pipeline which will efficiently transport Canadian oil to refineries in Texas. And the essentially illegal moratorium on federal oil and gas leases needs to be lifted immediately. People are dying, inflation is soaring, our economy is being destroyed, and our enemies are prospering. The big guy and his buddies are profiting handsomely by wrecking the world's economy.
Nice going Brandon!!
Putin stealing our petroleum supplies now. The pure evil........
Americans are paying higher energy costs, thanks to Biden’s stupid policies and sanctions on Russia while simultaneously sending our tax dollars (in the form or arms) to Ukraine.
Americans are funding both sides in this war!!!
Guess we showed them! /DrippingSarc
I remember when Brandon signed "the kill bill"...Trudeau said he wasn't happy about it...and then kissed Brandon's boots.
Neocons showing up to justify this in 3.. 2.. 1..
Or, in brief: Every scheme of woke DC neocons turns to sh**.
I and others have been trying to tell the Biden Republicans that sanctions against Russia would hurt the American middle class the hardest. They are also crushing Europe, but I don’t care what happens to them.
They’re too busy partying over some dead Colonel.
I now understand how Baghdad Bob came to be…
Russia seems to be doing quite nicely without having to trade with the West. Europe however is now economically screwed. I predicted this outcome right at the very beginning, it was easy to see, unfortunately our idiot neocons didn’t think this thing through before setting these things in motion. Let’s see how gung ho France and Germany are now in regards to pushing this war, they are setting themselves up for an economic depression.
The theory that NeoCons were Trotskyites seems even more possible now with their constant plans to destroy America.
Putin is the new 4D chess champion.
More STICKING IT TO PUTIN!!!!
Biden making his Russian oligarch friends rich while destroying America. Just how much money is being exchanged behind the scenes between all the globalists? They don’t care who wins or loses the war. They don’t care about the little people in their own countries or anyone in the world. All they care about is enriching themselves. I am willing to bet when all this crap is over in Ukraine, that a nice number of Ukrainian oligarchs walk away from the war richer than ever before while turning their backs on the Ukrainian people.
Russia production of oil has not decreased since they invaded the Ukraine. It is sold on the world market. The decrease in production is Saudi and the USA. We peaked in 2020 with about 13 million barrels a day. Today it is just a bit over 10 million barrels a day. Decreased USA oil production and decreased Saudi production is what is driving the price up.
The price of oil is also influenced by the futures market. This market foresees bad times for USA oil production due to the policies of the Biden administration thus driving up the current price. This is on Biden.
Biden has been facilitating Iran’s power and nuclear program for reasons I do not understand. This pissed of the Saudis and as a result they will not increase production. Biden has insulted and castigated the Saudi ruler every chance he gets. This pissed him off and again no increased oil production.
We have limited refinery capacity due to arduous regulations on it by the EPA. An oil company would be a fool to invest billions on new refineries to produce a product that Biden says he will eliminate.
The price of oil and gasoline is a function of our dysfunctional president JOE BIDEN.
i would think the issues with iran started with all that money we had frozen for decades. one can only assume our political establishment got a huge chunk of it when it was unfrozen.
obama may have had special reasons for helping iran, his behavior in particular suggested it, but the establishment had no problem with it.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.