According to official statements, Russia is in a good position due to the price turbulence on the world oil markets caused by the war against Iran, the DPA agency wrote. “It is clear that there is currently a shortage of petroleum products on world markets,” said Deputy Prime Minister Alexander Novak at the convention of the Russian Union of Industrialists and Entrepreneurs in Moscow on Thursday. Gasoline, diesel and other fuels rose in price even more sharply than oil, which Russia benefits from, DPA reminded.
- The Russian government considers the country the winner of the current oil turbulence.
- There is a significant shortage of oil products and fuels on world markets.
- Russia now sells oil at a reduced discount and in some places with a premium.
- Moscow plans to expand oil production, but it needs time and capital.
- The Kremlin expects oil for 150 to 200 dollars, Europe is supposed to suffer.
While until now, due to Western sanctions imposed after the war in Ukraine, Russian oil exporters could only sell their products abroad at a discount, according to Novak, this discount has now been significantly reduced. He pointed out that in some regions of the world, Russian oil is even sold at a premium. Novak expressed optimism that Russia could expand its production, but that would take time, investment and raising capital, he said.
The special representative of the Russian president for investments and economic cooperation with foreign countries, Kirill Dmitriyev, painted an even rosier picture at the event, DPA wrote. “Russia is in an impressive position because we are not only a huge producer of oil and gas, but also of fertilizers,” said Dmitriyev. According to him, the world is facing the biggest fuel price crisis, when predicts that the price of oil should rise to 150 to 200 US dollars.
The special representative of the Kremlin predicts that Europe, which has renounced Russian energies, will suffer from this. “Europe and the UK will be begging for Russian energy,” Dmitriev declared, adding that Russia will then decide whether to resume supplies or not.
