I would suggest a review of this four-minute video.....talk over Russian oil and the tanker business. Basically, he suggests that there's a impending collapse of the oil market for Russia.
Now, facts on the table:
1. Russia is the number three producer of oil in the world (behind Saudi Arabia and the US). January production for Russia? 11-million barrels per day.
2. Around 60-percent of what Russia sold....went to Europe.....20-percent went to China. Facts here. At least in January of 2022.
3. The Ukrainian talk is that Russia made (at least before the war) around one-billion Euro per day....from oil exports. The Central Bank of Russia argues this point and says for 2021....the amount was 110-billion dollars. Big difference between the two.
Humble opinion? This 'pain' suggested in the video....probably won't be seen until the end of June. Putin may not ever grasp the situation, but cash flow for the bulk of society needed oil export revenue.
It's amazing how big a piece of the tanker community plays into world dynamics now.
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