For decades an exclusive prerogative of the United States and U.K., the world’s trade in oil is being reshaped by Russia, its main fossil fuel customers, and BRICS oil producers, following the NATO nations’ attempt to destroy it by sanctions, reports Bloomberg News in an article Dec. 6, a summary of which was published today in RT.
The development was reported in detail in EIR's Sept. 29, 2023 issue.
The article’s theme is the doubling of Russia’s oil export revenues in the period April-October 2023, following the NATO attempt at a “price cap” for Russia’s oil exports, supposedly the definitive sanction. Its export price is averaging $72/barrel and its current account was back in surplus in October. These figures are cited from the Russian Finance Ministry. Russia’s growing tanker fleet, factitiously called a “shadow fleet” in Western media, “allowing Moscow to maintain control over its exports and progressively increase prices,” Bloomberg acknowledged.
