Russia is winning in the energy markets: Bloomberg
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India, Turkey and other Middle Eastern countries are now Russia's most prominent customers.
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Russian energy in a photo. (AP)
According to Bloomberg columnist Javier Blas, Russia is winning in the energy markets as it takes the opportunity to cope with West-led sanctions while on the other hand, the European Union may face an energy crisis in the fall.
Blas explained that last month, Russia's oil output returned to pre-war levels, producing around 10.8 million barrels a day.
"Russia has found new customers for the million barrels a day or so that European oil refiners have stopped purchasing due to self-sanctioning," Blas wrote.
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Most of Russia's crude oil exports are to Asia, most notably India, Turkey and other Middle Eastern countries.
As Brent crude value hovers around $100 a barrel, Russia can offer better discounts, leading to huge funds flowing into the Kremin. This has proven again that sanctions on Russian energy are not working.
In March and April, Western politicians through that OPEC - which is led by Saudi Arabia and the UAE - would simply dump their alliance with Russia, but the case has been the opposite, according to Blas, dubbing the situation as Russia's political success.
Russia can even do without revenue by restricting its gas sales to Europe as the continent prepares for a massive retail energy price increase and shortages.
Read more: Russia profits in nearly $20bn from oil exports in May
In April, Deputy Treasury Secretary, Wally Adeyemo, announced that Washington wants to dismantle Russia's "war machine" by disrupting its defense industry and supply chain - in other words, Washington is seeking to take apart the Russian economy.
"The next phase of our work will be to take apart Russia’s ‘war machine’ piece by piece by disrupting their military-industrial complex and its supply chain," said Adeyemo in a virtual discussion organized by the Peterson Institute for International Economics.
However, the numbers have been showing the opposite: Last month, the euro fell in parity with the dollar, inflation plagues Europe and the continent's strongest economies are collapsing. Europe has been the strongest US ally in the West-led war on Russia.
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