Posted on 05/14/2025 9:30:04 AM PDT by marcusmaximus
Russia's supply of cheap oil is running out, another major blow for Vladimir Putin as he continues to grapple with a growing economic crisis. Businesses and consumers across the country are reeling under the effects of spiralling inflation and high interest rates.
In April, the Central Bank confirmed it would keep the key interest rate at 21% for the foreseeable future, much to the bitter disappointment of the Kremlin and business leaders. Many firms are fighting to stay afloat, as they attempt to pay back bank loans originally secured during more favourable economic times.
-snip-
Gazprom Neft CEO Alexander Dyukov said Russian energy companies were increasingly being forced to tap into so-called “hard-to-recover” oil reserves to maintain current production rates.
These are deep, complex, and geologically intractable deposits that require expensive extraction methods, advanced technology, and massive government support.
At Gazprom Neft alone, more than 60% of oil production already comes from these high-cost sources.
-snip-
Meanwhile, the Kremlin has stopped paying pensions to Russian pensioners living in the Baltic States.
(Excerpt) Read more at express.co.uk ...
It must mean that the Lord is on Ukraine's side now.
Thanks to Brandon the US oil reserves were depleted him look good.
That’s a good insight. But are there really enough pro-Soviet pensioners in those Baltic states to make a difference in the future? They are all old and getting older.
ping to self
It’s a deadly manfish!
In the real world the Russians are now producing more oil than they were before the “invasion”. Decreases in production are mostly from agreements that they have made with the OPEC+ organization of which they are a member. Russia is still producing just slightly less than Saudi Arabia.
The “sanctions” have been nothing more than a bad joke which were easily ignored with a little bit of sleight of hand by even our trading partners. Just about every other country in the world that depends on oil imports did the same thing.
This talk of Russian crude being harder to pump or refine than oil from other places is meaningless blather that has been cooked into the equation long ago.
https://www.eia.gov/todayinenergy/detail.php?id=61102
Each day stronker.
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.