It’s all over now except for Zelensky’s victory march though the destroyed, impoverished streets of Moscow…DON’T CHA KNOW.
This is a damn shame, and it didn't have to be.
More retreating from Bakhmut.
These men are scarred for life because there government views them as a means to garner more western aid.
pic.twitter.com/rnSrxaNTvZ— Donbass Devushka (@PeImeniPusha) March 3, 2023
I saw an interview with an energy economist who made a lot of sense. He said the price cap at 60$ a barrel/unit was killing Russia because they are not profitable at that price if they cannot ship via pipeline. Selling to India/China requires them to transport the product by rail and its not efficient due to the long distance.
This is why OPEC nations often try to limit supply so they can keep the profit margin higher per barrel - it’s easier than just pumping more into the system so certain nations have a profitability number they try to maintain depending on what type of oil and how they get it. Same reason that US fracking needs a certain price to remain profitable.
Take this FWIW - I am no energy market guru
Kissing them oil and gas billions good bye
Its what the market did.
Henry Hub NYMEX Nat. Gas futures prices are down something like 80% from their peak. Mostly due to warm winter in EU/USA and weak economy
It only demonstrates two things
1) Anyone expecting that commodities prices will “win the war” in Ukraine are living a fools paradise
2) Present DC green policy is directly at odds with present DC war-mongering policy. It reveals the ideological stupidity of present US leaders. Destroying energy security is a primary national security threat.
Exclusive: Russia set to mothball damaged Nord Stream gas pipelines - sources
Exclusive: Russia plans deep March oil export cuts, sources say
U.S. treasury officials have said the Russian decision to cut oil production reflects its inability to sell all its oil.
Washington has said it pushed for the introduction of price caps to limit revenues for President Vladimir Putin’s war in Ukraine but have set them high enough to avoid a further spike in global oil prices.
“The export cuts appear to be deeper than the planned production cuts. It might help bump up the price for Russian oil,” one of the sources said.
The G7 group of industrialised nations has agreed to put a price cap on Russian oil at $60 per barrel.
Russian oil has traded below than level in recent weeks due to steep discounts and expensive freight rates. Global Brent benchmark prices trade at above $80 per barrel.
Putin and other Russian officials have said they would refuse to sell oil to countries which abide by the caps and promised to take measures to reduce the discounts.
But but but the fantasizers here constantly tell us that Russia’s oil income is soaring. How can this be?
Russia simply cut pumping for 0.5 mln barrels per day. Reason she doesn’t need so much foreign cash because she diminished her import too. That is a main reason of diminishing oil-gas revenues.
In previous years she just stored extra cash in foreign accounts but today it is NOT wise anymore. So all these mean that the trades with foreign countries go down. Less export means less import from Europe for example.
But GDP of Russia will go up this year 2.5%. How so? Because instead of importing Russia began to make their own production.
Never mind, that Russia was collecting record high oil revenue last year at this time because of the idiotic sanction war Biden implemented.
Now, Russia's oil revenue is line with what it was in 2021 but European electric and gas bills are 50% to 80% higher.
Ouch.
A couple months like that and they will need horses.
New York Post
"Russian oil and gas revenues, the mainstay of state coffers, rose 22.5% in February,"
https://www.nytimes.com/2023/02/07/business/russia-oil-embargo.html
By Anatoly Kurmanaev and Stanley Reed
Anatoly Kurmanaev reported from Berlin, and Stanley Reed from London.
New York Times
Feb. 7, 2023
Shunned by the West, Russia was able last year to redirect its potent oil exports to Asia, marshal a fleet of tankers unencumbered by Western penalties and adapt evasion schemes perfected previously by its allies Iran and Venezuela.The strategy worked: President Vladimir V. Putin not only retained but also increased money from energy exports, according to official data, and may have brought in more cash, collected in the shadows of the oil trade, that could be helping the war effort.
The Russian government stopped reporting economic indicators shortly after sanctions were imposed. No one is really sure what the actual state of the Russian economy is outside of Russia, maybe not inside of Russia either. Admitting there was a 48% drop in oil tax revenues compared to last year means the Russian oil industry has declined and is facing such severe problems the Russian government can not cover them up anymore.
Putin has two choices if he wants to prevent this. Either withdraw and pay reparations, or wait until Ukraine forces the Russian army out and pay greater reparations. He has no other options.
