Oil is down 50%. That’s the reason Russian oil revenues are down 50%.
And that doesn’t include the 30% discount to China and India.==
There is NO such discount at all. Here: https://oilprice.com/Latest-Energy-News/World-News/Academics-Russia-Selling-Oil-Way-Over-Price-Cap.html
And oil revenue down because Russia diminish pumping for 0.5 mlns barrels a day. Russia simply decreased her IMPORT. SO the industry of Europe must now diminish her production.
It is a 2-way street.
LOL! Putin asked China and India to give up the 30% discounts and they told him no. So now Putin is taxing his oil companies based on the price of American oil, not Russian oil. Too funny!
Do you mean oil is down 50% from its multi-year high? It’s price now seems more reasonable considering all factors, but wonder when the war is over if oil will shave another $20.