“There are now far fewer causes for worry. Following the OPEC+ decision to cut oil production, the Brent crude price rose to $85, a comfortable price for Russia.”
Impressive - the article tries to give both sides. As it is, the Saudis and the Neocons’ other new enemies, simply won’t let the price of oil take a dive, and sooner than later, that HUGE oil find by the Biden Administration, the SPR, will be drained.
. S&P Global Commodity Insights estimates Russia’s fiscal breakeven oil price at $114/b in 2023, up from $64.47/b before its invasion of Ukraine, as the Kremlin’s outgoings to fund the war add to its overall budget spending. By comparison, OPEC+ kingpin Saudi Arabia’s fiscal breakeven has remained relatively steady at a forecast $78/b for 2023, compared with $80.38/b in 2021, according to S&P Global.
“Russia’s dependence on oil revenue is only increasing as spending requirements grow due to the war and non-energy sanctions begin to bite,” said Paul Sheldon, chief geopolitical advisor at S&P Global. “This will make it even more reluctant to voluntarily curtail supply.”