(I already said hey to Honey :-).
"So much to say, so much to say, so much to say, so much to say..."
DMB.
Yup...
A wek old but feel like you should still know:
"Russian President Vladimir Putin said in a meeting last week that despite the EU’s recently announced embargo on Russian energy, it would take years before the West stops importing Russian oil and natural gas."
(Personally, I think Europe being dependent on Russia for 40% of its energy resources was his "GO" number in terms of his Ukraine incursion.)
"He asked the crowd rhetorically what is likely to happen and then asserted that the global oil supply will decrease and prices will rise, which means oil companies—and Russia—will see an increase in their revenue.
“Everyone sees this, everyone understands this,” Putin said.
(He knew we would sanction their energy and by doing so it would create less supply and thereby raise prices such that they could more than offset the loss, the guy is not dumb.)
"Putin is correct in his economic assessment, at least for now. Oil prices have risen around 60% this year alone, according to OilPrice.com, and gas is being traded at a 13-year high. That has translated to oil companies pocketing record profits in the first quarter of 2022. And despite any fears of being seen as financing the war in Ukraine, countries worldwide have also been buying Russian oil at record rates to capitalize on the price gap between Russian crude and world prices."
("The world is gonna want their oil and mineral wealth more than it cares about what happens in Ukraine." somebody said.)
"The EU is still buying Russian oil
While the EU agreed to cut 90% of Russian oil imports by the end of the year in late May, the union is still currently importing more than half of all Russian oil exports."
(He knew they couldn't wean themselves off of their energy any time soon)
"Russia earned nearly $100 billion from its exports of oil and gas during the first 100 days of the war, which supports previous estimates from Bloomberg Economics that predicted Russia is likely to bring in $285 billion in oil and gas revenues this year—20% more than the $235.6 billion the country brought in last year.
(So much for crashing their economy. Whose economy is really the one that is crashing you might wanna ask yourselves.)
"The price of Russian oil, while still heavily discounted from international prices, is still 60% higher than Russia’s average export price last year, the CREA report found."
(Independent research group the Centre for Research on Energy and Clean Air)
"By the end of the year, the EU will have to figure out where it will source 2.2 million barrels of oil each day, which used to come from Russia, according to the International Energy Agency."
(Its pretty simple really, they just cant do it, not on that time frame and he knew it, like I said, brutal dictator or not, the guys pretty smart.)
"...And the band played on..."
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