Attempts by the US and its allies to undermine Moscow’s position in the global oil market have failed, writes Forbes columnist Gaurav Sharma. According to him, the Kremlin’s countermeasures have helped Russia refocus on Asia, ignore the price ceiling imposed by Washington, and circumvent the ban on the use of foreign tankers.
Russia is “laughing” at the attempts of the US and its allies to undermine its position on the global oil market. It has hardly deteriorated despite all the restrictions adopted by the West, writes Forbes columnist Gaurav Sharma.
According to him, the Kremlin’s countermeasures to divert oil flows from Europe to Asian countries, mainly China and India, have been extremely successful. They have helped Russia maintain its third place in production and second place in exports of black gold.
The price ceiling of $60 per barrel set by Washington also looks “farcical” as both Indian and Chinese buyers pay much more for Russian oil. Moreover, Moscow has managed to circumvent the ban on the use of tankers from the G7 countries by using a “shadow fleet”, the publicist notes.
Beijing and New Delhi are unlikely to lose interest in Russian oil in the near or medium term future. “Thus, unless there is a significant change in the dynamics on the global oil market, 2024 is unlikely to be any different from 2023 for Moscow’s coffers,” Sharma emphasises.