This is how Russia earned
The increasing tension between Iran and America in the Middle East had an impact on the economy of the entire world, but in this situation Russia got a big benefit. When the world remained embroiled in war and uncertainty, Russia recorded a tremendous jump in its earnings through oil and fuel. In the month of March, Russia showed its magic and earned crores of rupees.
According to the International Energy Agency (IEA), Russia’s earnings from oil and fuel exports reached about $ 19.04 billion in the month of March. This is almost double as compared to February, when this figure was around $9.75 billion. The biggest reason for this rise was the rise in oil prices in the global market, which increased due to the tension in the Middle East.
In fact, whenever there is a crisis in any major oil producing region of the world, the fear regarding supply increases. Because of this fear, prices go up in the international market. Russia took advantage of this opportunity and earned huge profits by selling its oil at a higher price. There was also an increase in Russia’s oil exports. In March, crude oil exports increased to about 4.6 million barrels per day. The special thing was that the supply of oil through sea routes increased more because some pipeline routes were closed. Exports through Ukraine were also affected, due to which Russia used other options.
Increase in production
Not only exports but production also increased. While Russia’s production in February was 8.67 million barrels per day, in March it increased to about 8.96 million barrels per day. However, experts believe that it will not be easy for Russia to increase production in the coming times, because its energy infrastructure is being damaged by continuous attacks. Overall, while on one hand the world is struggling with tension and inflation, on the other hand Russia has made this situation a profitable deal for itself. This shows that even in global crisis, some countries strengthen their economy by finding opportunities.
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