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The crown crisis offers a preview of what Putin fears most. The world needs less and less oil. But Russia depends on its export. A new forecast does not bode well.
The coronavirus has caused many things in the world. In oil-producing countries, however, he got a first glimpse of what happens when humanity needs less and less oil. According to the International Energy Agency, demand fell by almost a third in April due to the lockdown, making it stronger than ever. This caused the price of Brent, the most important Nordic variety in Europe, which previously cost $ 70 a barrel, to fall to well below $ 20, the price of Brent rose. Russia, the second-largest producer, gained 37.7 percent less year-on-year from oil exports between January and July, while gas was down 51.4 percent. The situation is particularly dramatic with oil, experts say, as its importance to the country is around four times that of gas.
Now, $ 40 a barrel is manageable for a while for Russia, with its low national debt and nearly $ 600 billion in international gold and foreign exchange reserves, if there is any prospect of improvement. But if it is true, what the oil company BP, which has suffered well in Russia for its fifth stake in the state oil giant Rosneft and whose forecasts are generally recognized in the industry, has just raised a new horror in the Kremlin.
