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In addition to the horrific human and humanitarian consequences, The war in Ukraine It also has an impact on the global economy, especially oil. Indeed, this is solidarityOPEC This may be questioned against the backdrop of strained relations between the two countries. Russia andSaudi Arabia.
Since the beginning of the year The war in UkraineAfter that, Russian oil was boycotted as much as possible by Westerners, especially Europeans. In order to continue surfing on black gold, Moscow So efforts are being made to find new markets, targeting the Asian market, which is obviously very demanding. It works! In 2023, Russia will become China’s largest oil supplier. The trend is also the same for India.
Tensions between Saudi Arabia and Russia
Unfortunately, these views on Asian markets have nothing to do with Saudi Arabiaare losing market share. Faced with the temptation to attract customers and regain the “edge”at the same time”, both countries are increasingly inclined to increase production in order to reduce the price per barrel and thus become more attractive in the eyes of the largest market.
In this mini game, Moscow However, there are very big risks. In fact, Russia’s ability to increase oil production is quite limited, and it can only add 5 to 700 barrels per day to its current production. Saudi Arabia’s production capacity is completely different. The country can increase its production capacity by 3 million barrels per day, which gives it a real advantage.
Oil, the fuel of war
also, Riyadh The geopolitical situation MoscowIts current affairs and currency are being targeted by all parties. In addition, Chinese The Russian Federation has recently stepped up monitoring of payments involving Russian companies and organizations out of concern that ruble or financial transfers could be blocked. This has also allowed Saudi Arabia to recapture 1% of the market share. Or when the line between a partner and a direct competitor is very thin…
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