Putin’s oil will be selling for $45 a barrel by the end of the week. A nightmare for Russia.
“Putin’s oil will be selling for $45 a barrel by the end of the week. A nightmare for Russia.”
May it be so!
“Putin’s oil will be selling for $45 a barrel by the end of the week. A nightmare for Russia.”
$45/bbl is already below the breakeven cost for some of Russia’s oil projects. $40/bbl is below breakeven cost for most Russian oil production. The Government’s budget was based on an assumption of around $70/bbl.
Regardless of the price, they will have to keep selling it, to acquire whatever hard foreign currency they can (even Yuan or Rupees), because no one outside Russia wants rubles, and they must somehow fund critical imports.