The financial consequences of the war in the Middle East are already being felt, but one of the "winners" of the conflict is the aggressor state of russia, which may have its most successful year in terms of fuel sales since 2022.
This is reported by the BBC.
Despite efforts to develop renewable energy sources, countries are still heavily dependent on oil and gas. Large reserves usually promise huge wealth, which is why oil is called "black gold." And when prices rise, producers usually make huge profits, while consumers suffer financial losses.
For now, the Middle East remains a supply center, and the Strait of Hormuz is its main artery. As such, the impact of the de facto blockade and attacks on energy infrastructure in the region has hit Gulf producers such as Qatar and Saudi Arabia hard, as Tehran has targeted US allies.
As consumers look for alternative sources, countries like Norway and Canada, as well as russia, could benefit.
After russia invaded Ukraine in 2022 and many countries sought to cut off russian gas, Norway was able to increase production and take advantage of the situation. And Canada began to position itself as a "stable, reliable, predictable and value-oriented energy producer."
In contrast, russia may be the biggest winner, the publication notes. While Washington is easing regulations to ease global supply shortages, russian oil sales to India have increased by 50%.
According to some estimates, by the end of March, moscow could earn an additional USD 5 billion and has every chance of ending the year with the highest fuel revenues since 2022.
Thus, the United States can "give" the aggressor state a significant unexpected profit at the expense of the Gulf countries.
As the Ukrainian News agency earlier reported, meanwhile, on Friday, March 20, oil prices fell, as the leading European countries and Japan offered to join forces to unblock the passage of ships through the Strait of Hormuz, and the United States announced plans to increase oil supply.
US Treasury Secretary Scott Bessent stated on Thursday, March 19 that the United States is considering lifting sanctions on Iranian oil stuck on tankers.
Earlier, the United States temporarily eased sanctions on russian oil: restrictions on its purchase and transportation by sea were lifted for 30 days.
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