But the biggest threat on the horizon for an already reeling Russian economy may be its former OPEC pals, who in recent months have opened the taps on a flood of new oil production, helping to drive crude prices to a five-month low .
Europe, Britain, and even the United States, after a fashion, have all stepped up their pressure on Russia’s energy revenues in recent weeks, aiming to bankrupt the Russian war machine.
Europe, Britain, and even the United States, after a fashion, have all stepped up their pressure on Russia’s energy revenues in recent weeks, aiming to bankrupt the Russian war machine.
But the biggest threat on the horizon for an already reeling Russian economy may be its former OPEC pals, who in recent months have opened the taps on a flood of new oil production, helping to drive crude prices to a five-month low.
With even cheaper oil in the cards next year, as many analysts expect, Russia’s discounted grade of oil will bring in even less money than the reduced amounts it brought in this year, putting further pressure on a Russian budget gearing up for its biggest deficit since the war in Ukraine began.
“If Brent crude is in the $50s per barrel range next year, and Russian Urals oil maintains the same discount
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