Russian oil and gas are still leading in world markets. This gives her the opportunity to cope with Western sanctions, writes Bloomberg observer Javier Blaz.
The author notes that in July, oil production in Russia almost returned to pre -war indicators and reached 10.8 million barrels per day against 11 million in January 2022. The minimum was recorded in April, then Russian companies mined 10 million barrels per day.
After the start of the war in Ukraine and the imposition of sanctions, Moscow quickly reoriented to the Asian market. The situation is complicated by the fact that OPEC countries cannot offer the market more oil. Therefore, even European countries cannot quickly abandon Russian raw materials.
Javier Blaz believes that the most Russia’s high prices for gas and oil helps Russia. High export income reduces the significance of losses from the sanctions. According to the observer, for Europe, this means serious consequences of the future winter.
“A combination of cold weather, a abrupt growth in the demand for electricity and inflation by the end of this year can undermine the support of the West of Ukraine. European politicians who were chasing approval in the international arena, demonstrating the support of Kyiv, may not show such a fierce desire to finance measures, aimed at preventing energy deficit, ”Blaz concludes. And many experts who predict big problems with energy supply in Europe this winter.
agree with him.