Russia is outsider on oil market — intelligence
According to Ukrinform, this was reported by the Foreign Intelligence Service of Ukraine.
It is noted that the leading players in the oil market have a significant production “safety margin.”
According to the International Energy Agency, Saudi Arabia, the United Arab Emirates, Iraq, and Kuwait are capable of jointly increasing oil production by almost 3.2 million barrels per day within 90 days.
“At the same time, Russia’s technical potential for production growth amounts to only 190,000 barrels per day, placing it among the outsiders of the world’s major oil exporters,” the Foreign Intelligence Service emphasized.
According to intelligence data, the largest production surplus is held by Saudi Arabia — 2.13 million barrels per day — and the UAE — 640,000 barrels per day. In case of a political decision, these countries can promptly ramp up production volumes.
“The production surplus of OPEC member states serves as a hidden lever of influence on the global market, enabling them not only to stabilize prices but also to increase competitive pressure on other exporters, particularly Russia,” the Foreign Intelligence Service stated.
As Ukrinform reported earlier, by the end of the year, Russia may become significantly dependent on fuel imports.
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