$ 100 per barrel: Saudi Arabia and Russia will win from the rise in price of oil - wsj

OPEC members, especially Saudi Arabia and Russia, have earned billions of dollars of additional income as a result of oil production speculations on oil production. Brent oil can rise up to $ 100 per barrel after the risky choice of two countries of the world oil alliance OPEC+ - Saudi Arabia and Russia, writes The Wall Street Journal. Despite the decrease in the volume of energy received, they will have significant profits due to a sharp increase in prices.

According to the calculations of the consulting company Energy ASPECTS, the publication writes, such an increase in prices in the world oil market is more than compensating for the reduction of sales. According to experts, this can even encourage the market players to be even more restricted by oil supply and the creation of its shortage. Oil in Saudi Arabia, according to the Wall Street Journal expert sources, they will probably increase by almost $ 30 million a day or 5.

7%, compared to April to June. Such additional profits of $ 2. 6 billion in three months will give the country the opportunity to finance too expensive internal projects of young Saudite leader. Russia's profits from such an increase in prices in the global oil market, according to the analysis of Energy ASPECTS, will be about $ 2. 8 billion in the quarter. These funds will allow Putin dictator to continue Russian aggression against Ukraine. OPEC+ in general is forecasting a global shortage of 3.

3 million barrels a day in the fourth quarter of this year, as many market analysts say. According to the newspaper, they expect that the price for the benchmark Brent will soon exceed $ 100 per barrel. Last year, OPEC members declared a reduction in black gold by 2 million barrels a day, which should be the greatest reduction since the pandemic. The second reduction in oil production - more than 1 million barrels a day - said a small group headed by Saudi Arabia this year.

However, the Saudi did not stop there, and in July they announced another reduction - also 1 million barrels a day. Already in early September, Saudi Arabia, together with Russia, still declared a possible reduction in oil production by the end of 2023. As for the rise in prices, the oil variety of Brent this quarter has risen by 25% - up to $ 95 per barrel. According to the Central Bank of Russia, the most commonly used variety of Russian oil Urals was traded for $ 56 per barrel.

In recent days, Russian oil has been sold at a price of more than $ 75 per barrel exceeding the limit set G7 as sanctions against the Russian Federation. This can help Russia replenish its budget and compensate for the military expenses, which in the first half of the year amounted to 5. 59 trillion rubles, which is 600 billion rubles more than planned for 2023, according to Reuters. We will remind, Focus wrote that Russia uses the "shadow" fleet "to export its own oil.