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Russia Cuts Oil Production Again - Disaster for Russia as OPEC+ Forces More Cuts as Oil Prices Fall - Joe Blogs
Russia is a Leading Member of OPEC+ and is therefore expected to join in the action of the rest of the Consortium. OPEC+ has already announced two rounds of Oil Production cuts during 2023 and has now announced FURTHER CUTS. This comes at a bad time for Russia which needs to maximise the revenue it is earning to support spending on the War in Ukraine. The Russian Economy has started to COLLAPSE as the impact of the Sanctions hit home. Russia's OIL & GAS Revenue is down 65% in the first 10 months of 2023 compared with the revenue Russia was earning prior to the invasion of Ukraine. In addition to this huge reduction in income Expenditure is continuing to increase due to the investment in the War, which means that the Russian Economy is now incurring massive LOSSES. In this video I provide more details of the current situation and discuss the problems that Russia is now facing.
Chapters:
0:00 Intro
3:54 OPEC+
9:04 OIL PRICES
13:09 PUTIN ARREST WARRANT
16:20 SUMMARY & CONCLUSION