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The West thought they’d cripple Russia’s economic system once they stopped shopping for Russian oil. Fuel costs within the West are on the rise and at unsustainable ranges. In the meantime, Putin is having the final chortle as he’s now promoting extra oil at the next worth level.
In April, Russian oil exports rose by 620,000 b/d to eight.1 million b/d. India (+730,000 b/d) and Turkey (+180,000 b/d) helped to offset the worldwide embargo, whereas the EU remained the biggest importer regardless of a pointy discount in shipments. The IEA reported that Russian oil exports rose over 50% YoY in the course of the first 4 months of the yr.
Oil jumped in worth final week from $92 per barrel to $122. Fuel within the US was $2.10 beneath Trump. Biden took workplace and costs rose to $2.37 throughout the first two months attributable to a sequence of selections that prevented America from remaining vitality impartial. Earlier than Russia even invaded, fuel reached $3.51 per gallon, and now the nationwide common is surpassing $5.00. The boycott has utterly backfired on the West and has helped strengthen the Russian economic system.
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