Russia will make $180 billion due to the skyrocketing fuel prices, claims

Oslo: Russia is benefitting from the skyrocketing fuel prices in Europe and Asian countries. Rystad Energy, a Europe based thinktank, claimed that the Russian revenue from fuels would cross $180 billion for this year given this. As per the thinktank, the Russian fuel revenues have grown by a whopping 45% as compared to 2021 and there is an astronomical growth of 181% compared to 2020.

Moreover, fuel rates in the international market skyrocketed with the Russian invasion of Ukraine. The United States and European countries are making frantic efforts to bring the rates under control. But even after the completion of two months of the conflict, there has been no change in the rates for natural gas in Europe and Liquified natural gas in the Asian continent. Most European countries are dependent on the natural gas exported by Russia through Ukraine. Therefore, as per Rystad energy, there will be an astronomical growth in the Russian fuel revenues.

Through this report, the Norway based think tank criticised the dependence of the European countries on Russia for fuels. Daria Melnik, the senior analyst at Rystad Energy, criticised that European dependence on Russia has been conscious for many decades and is mutually beneficial. Melnik also claimed that Russia would benefit from the sanctions imposed by the United States and European countries against Russia in the first phase. When the fuel rates flare-up in Europe, Russia will reap the benefits of increased revenues.

For the last five years, the average rate for crude oil has ruled at around $60 per barrel. But since the starting of the Russia-Ukraine conflict, the rates have flared up to $100 per barrel. US analysts claim that these rates will be $92 per barrel in the next year. The European think tank points out that Russia will benefit from the increased fuel revenues. The thinktank also pointed out that after the western countries-imposed sanctions against Russia in March, India and China increased fuel imports from Russia.