The geniuses in Washington, London and Brussels thought it was such a brilliant idea at the time. ‘Let’s slap a price cap on Russian oil and punish Putin!’
Well, the numbers are in and this half-baked master plan looks to have failed already. Russia is shipping crude through its ports at rates greater than last May. About 3.48 million barrels a day of oil are making their way to customers around the world, and their customers are happy, because they are getting a great deal (thanks to the collective West). This is only bringing the BRICS nations closer together, and making them more prosperous compared to their near bankrupt Western counterparts who are intent to pay over the odds for their American imports and ‘green energy’ deals. Quite simply, the entire Ukraine project and attempted wrecking of the Russian economy – has been an unmitigated disaster.
The ‘experts’ in the West were so sure that their price cap would destroy export income for Russia this year after a bumper year in 2022. But as global prices have risen in the last few months, the average price of an exported barrel of Russian oil has risen above the sixty-dollar cap, not to mention countries buying bigger volumes from Russia. Records show that September saw Russia’s monthly oil export earnings increase to $18.8 billion. This means that Russia’s expected budget deficit may now be as low as 1 percent of GDP, and may even be replaced by a small surplus.
An incredible comeback for sure…
RT International reports…
Russia delivered a record amount of crude to Brazil in October, becoming the country’s third-largest supplier, RIA Novosti reported on Friday citing statistics.
The Latin American country resumed crude imports from Russia in September after a two-year halt, the outlet said.
Moscow exported 207,000 tons of crude worth $133 million in October, as it seeks to strengthen its position as a leading fuel exporter to the fellow BRICS member as part of broader efforts to build new markets.
October shipments were the largest since at least 1997 both in terms of volume and value, as no earlier statistics are publicly available, RIA noted. Prior to this, Brazil’s record volume of Russian oil purchases came in May 2002, when it totaled 139,800 tons.
Increased exports helped Russia become Brazil’s third-largest oil supplier last month, behind the US ($346 million) and neighboring Guyana ($187 million). The top five crude suppliers to the Latin American country also includes Algeria ($112 million) and Saudi Arabia ($98 million).
Along with Brazil, two other BRICS countries, India and China, have emerged as the most active buyers of Russian oil since the EU and G7 imposed an embargo accompanied by price caps on Russian oil and petroleum products.
Analysts say that discounted Russian oil is a financial benefit for Brazil, as its government struggles to reduce the cost of transport fuels.
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