According to Bloomberg, cited by the International Energy Agency, Russia’s revenue from oil and gas exports will grow by 50% in 2022 despite sanctions imposed on Moscow in the West.
However, according to the agency, this number is expected to decrease in the future due to the fact that the European Union may impose an embargo on Russia’s oil.
The International Energy Agency says Russia will earn approximately $ 20 billion per month from the sale of crude oil and petroleum products in 2022, with a total of 8 million barrels per day.
He noted that Russia continues to provide black gold despite the European Union’s decision to ban Russia’s oil imports and the promise of major international oil companies such as “Shell and Total” to stop the purchase of Russian oil.
The International Energy Agency said Asia, especially China and India, are actively consuming Russia’s oil and noted that markets are in deficit and could face further recovery in demand in the coming months as China’s economy has recovered from closure due to corona virus.
Earlier, International Energy Agency Executive Director Fatih Birol warned that the world is facing the first global energy crisis, saying that the sanctions imposed on Russia and the response to it will have a significant impact on the energy market.
The international official said: “I think we are in the midst of the world’s first energy crisis. In the 1970s we saw the oil crisis, with huge consequences for the economy and inflation, but it was just about oil. Let us note that Russia is the number one exporter of oil in the world and the number one exporter of natural gas in the world, as well as being a major player in the market of materials for the energy sector.
Source: agencies
Source: Arabic RT
