Russian Oil & Gas Disaster as Sanctions Destroy Demand & Production is Cut & Ruble Also - Joe Blogs

[TexasTowelie]

RUSSIAN Oil & Gas Disaster as Sanctions Destroy Demand & Production is CUT & Ruble Also Crashes

Russia has announced that it is CUTTING Oil & Gas Production as a direct result of the OIL PRICE CAP & the EU BAN on Russian Oil which both came into effect on 5th December. These cuts will have a devastating effect on Russia's Oil Revenues & Economy. In this video I provide full details of the proposed cuts, look at the price of Russian Oil, & the recent discounts Russia have been offering, and what the impact will be on the Russian Economy.

Chapters:
0:00 Intro
1:30 PRODUCTION CUTS
3:12 RUSSIAN OIL PRICES
6:28 RUSSIAN GDP
8:17 RUSSIAN RUBLE
10:31 SUMMARY & CONCLUSION

[Irish_Dem]

1. Very good news.

The sanctions are beginning to hit Russia hard.

Putin has been forced to sell energy resources at lowered prices.
And many countries are refusing to buy them at all for fear of secondary sanctions.

In addition there is a ripple effect down the road.
Russia has to shut down some production due to lower demand.
This shut down is costly and trying to start up again in the future is also costly.

In addition the western oil companies are leaving and taking engineers with them.
So a brain drain that is hard to replace.