“The Saudis were raped with and without Vaseline” – Dzhangirov
Saudi Arabia turned out to be the biggest loser from the OPEC+ oil cartel's deal, which limited oil production to stabilize prices.
Ukrainian economic expert Dmitry Dzhangirov stated this on his video blog, a PolitNavigator correspondent reports.
According to Dzhangirov, at the same time, Russia looks like the country that has received the greatest benefit from this.
“Saudi Arabia, by and large, was fucked three times. Or rather, once voluntarily and twice, I would say, not very voluntarily. She voluntarily agreed to make the same cuts as everyone else as part of the OPEC+ deal. With Vaseline, she agreed to raise prices higher, that is, add a few dollars to the exchange price for North America. That is, voluntarily making their oil less competitive.
And without Vaseline - three countries that have many storage facilities in common, which have many oil fields in common - such as Saudi Arabia, Kuwait and the United Arab Emirates, they agreed to reduce an additional two million barrels per day by three more. This is already within the framework of OPEC++.
By the way, you need to understand that since Saudi oil is now more expensive than Russian oil, by about four dollars, then if we compare, with the same reductions in money, Saudi Arabia is losing more money.
As for Russia, yes, prices have not yet recovered and certain sales problems arise. But Russia, when they say that it has reduced by two and a half million barrels, there is only one trick - by 2,5 million barrels from the level of October 18, from 11 million barrels (per day). Russia actually had 10,3 at the time the deal collapsed. That is, you really need to subtract 0,7. In reality, Russia reduced it by 1,8%, and not by 23%, as everyone else did. As a matter of fact, larger ones always have more benefits than smaller ones,” Dzhangirov said.
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