Western Sanctions Are, Paying Off As Russian Oil , Revenues Fall.
According to the International Energy Agency,
Russian oil revenues fell in November despite a boost
in production to just below levels prior to the Ukraine invasion.
'The Guardian' reports that the falling revenue
is a sign that Western sanctions and other efforts
to cut off Russia's income have been successful. .
'The Guardian' reports that the falling revenue
is a sign that Western sanctions and other efforts
to cut off Russia's income have been successful. .
In November, the IEA estimated
that Russia earned just
$15.8 billion from oil sales. .
That is the second-lowest monthly
earnings Russia has reported this year
after bringing in just $14.7 billion in September.
The dipping revenue report comes despite Russia
increasing its export of crude oil to 8.1 million
barrels per day, its highest level since April.
In December, the EU and G7 introduced
a $60-a-barrel price cap on Russian oil.
On December 14, the price
of non-Russian oil had climbed
to about $81 a barrel.
President Vladimir Putin has said the cap will
not have a significant impact on Russia’s economy
but could harm the international energy market.
President Vladimir Putin has said the cap will
not have a significant impact on Russia’s economy
but could harm the international energy market.
Putin has also warned that the cap
may force Russia to cut production.
While lower oil prices come as
a welcome relief to consumers faced
by surging inflation, the full impact
of embargoes on Russian crude and
product supplies remains to be seen, International Energy Agency, via 'Newsweek'.
While lower oil prices come as
a welcome relief to consumers faced
by surging inflation, the full impact
of embargoes on Russian crude and
product supplies remains to be seen, International Energy Agency, via 'Newsweek'