https://x.com/uarealitynow/status/1864336350477996341
President Trump will do all within his power as President to increase domestic oil production.
If U.S. production causes oil prices to drop, then some of the OPEC+ countries will want to increase production to help stabilize revenue.
As we all know, this production increase will cause oil prices to drop further.
https://x.com/uarealitynow/status/1864336350477996341
“Cheap energy (oil) will drive the Trump economic boom.”
$50 oil about maximizes US economic growth. Russia needs about $70 just to stay afloat, and the Saudis need about $90 to balance their current year budget (but their credit allows them to borrow enough to cover for many years of shortfall, unlike Russia, who now lives hand to mouth).
Oil prices are lower than this time last year, and Russian revenues sank as well. Russia sinks or swims, on the price of oil. $50 Brent next year, would probably put them under.
OilPrice.com reports:
“Russia’s revenues from oil plunged by 21% in November compared to a year earlier as the international benchmark prices and the price of Russia’s flagship crude, Urals, fell last month amid concerns about global oil demand.
In November, for a second month in a row, Russia’s oil revenues slumped from the comparable month in 2023, according to Bloomberg’s estimates based on official government data released on Wednesday.
Russia has based its tax levies and calculations for November on an average price of the Urals grade of $64.72 per barrel, which was significantly down from the $81.69 per barrel used to calculate taxes a year ago.
As a result, the Kremlin pocketed last month $5.8 billion (605.2 billion Russian rubles) from oil-related taxes, down by 21% compared to November 2023.”