The Briefing Room
General Category => Science, Technology and Knowledge => Energy => Topic started by: TomSea on August 20, 2019, 02:31:36 am
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Trump’s Oil Sanctions Leave Russian Exporters $1 Billion Richer - BNN Bloomberg
Dina Khrennikova and Anya Andrianova
(Bloomberg) -- U.S. President Donald Trump’s sanctions against Iran and Venezuela have inadvertently increased demand for a Russian brand of crude oil, boosting revenues for the nation’s exporters.
Russian oil companies received at least $905 million in additional revenues between November and July, data compiled by Bloomberg show. The calculation is based on difference between the Urals spread to the Brent benchmark over the period compared to the five-year average.
The sanctions added to a jump in demand for Russian crude in the wake of output cuts from the Organization of Petroleum Exporting Countries and their partners. As a result, Russia’s Urals blend of crude has tarted to regularly trade at a premium to Brent.
Read more at: https://www.bnnbloomberg.ca/trump-s-oil-sanctions-leave-russian-exporters-1-billion-richer-1.1302459 (https://www.bnnbloomberg.ca/trump-s-oil-sanctions-leave-russian-exporters-1-billion-richer-1.1302459)
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Hmmm. Part of the plan, or .....?
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So how much did the US gain? We produce more oil than Russia.
The 10 largest oil producers and share of total world oil production in 2018
https://www.eia.gov/tools/faqs/faq.php?id=709&t=6 (https://www.eia.gov/tools/faqs/faq.php?id=709&t=6)
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Talk about seeing a glass half empty instead of half full.