JRL NEWSWATCH: “Russia Is Making Heaps of Money From Oil, but There Is a Way to Stop That” – New York Times

Oil Well file photo

“… Nations seeking to help Ukraine are aiming at the wrong target. … Russia’s energy exports instead of … Russia’s earnings from energy exports. Russia is exporting less oil but … [reportedly] earning more money …. [S]anctions have raised prices … offsetting … declin[ing] … exports. In May 2022, Russia earned 883 million euros per day from oil exports, up from 633 million euros per day [a year earlier]. … New [EU and UK planned] sanctions … are likely to drive oil prices even higher. … The Biden administration … [wants to] establish a buyer’s cartel … to put a price ceiling on Russian oil … still allow[ing] Russia to make some profit …. Some … [hoped-for] key participants … have banned … Russian oil, but other[s] … notably India, continue to import large volumes …. The Russian government has sought to forestall the plan … warning … it would refuse to go along ….”

Analysts argue that Russia’s real choice would be to accept such a cartel’s terms or leave a large share of its oil production dormant.

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