Saudi Arabia's decision to increase its daily oil production capacity by a million barrels will help lower world prices somewhat, as well as reduce Russian profits. The head of the President's Office, Andrii Yermak, announced this in his Telegram on Sunday, July 17.
"Saudi Arabia's decision to increase its daily oil production capacity by one million barrels, up to 13 million per day, will help to slightly lower world prices, as well as reduce Russian profits. However, it is now very important that world leaders, despite the difficulties, still manage to agree on limiting the price of Russian oil. This is an idea proposed by the McFaul-Yermak group as a temporary measure before a total embargo. It is promoted by the United States. The world must understand that life without Russian energy resources exists. There is also life without the terrorist state of Russia," Yermak emphasized.
As Ukrainian News Agency earlier reported, on July 17, EU High Representative for Foreign Affairs and Security Policy Josep Borrell said that the sanctions against Russia are working, but it may take a long time to achieve the desired effect.
The European Union has frozen the assets of individuals and legal entities of the Russian Federation for almost EUR 14 billion.
World oil prices have risen due to the war in Ukraine and sanctions against Russia.
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