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Russia $50 Billion Oil Disaster as OPEC+ Extends Production Cuts to 2025 as Oil prices Fall Again - Joe Blogs
Russia is a Leading Member of OPEC+ and is therefore expected to join in the action of the rest of the Consortium. OPEC+ announced two rounds of Oil Production cuts during 2023 totaling 5.9 Million Barrels per day. These cuts were due to end in June 2024 however OPEC+ has announced that they will be EXTENDED to 2025. This comes at a bad time for Russia which needs to maximize the revenue it is earning to support spending on the War in Ukraine. In this video I provide more details of the current situation, look at the impact on the Russian Economy and discuss the problems that Russia is now facing.
Chapters:
0:00 Intro
2:24 OPEC+
4:29 OPEC+ CUTS
9:37 RUSSIAN CUTS
12:41 RUSSIAN CRUDE OIL
16:23 RUSSIAN OIL PRODUCTS
17:54 RUSSIAN OIL PRICE
19:27 SUMMARY & CONCLUSION