the material we are talking about the fact that the depreciation of the Russian national currency is softened primarily due to the presence of extensive foreign exchange reserves and huge sovereign wealth Fund.
second, the author points to the fact that the budget of Saudi Arabia’s estimated oil price is about $80 per barrel, while for the Russian Federation this figure is two times less.
Another trump card of the Kremlin, according to the publication, is the resistance of the citizens before the crisis: the Russians have been able to cope with the consequences of restrictive measures from the West and yet successfully resist the influence COVID-19.
oil Prices since early March have fallen almost two in the face of slowing demand due to the spread of a new kind of coronavirus infection and the collapse of the deal, OPEC+ and the promises of Saudi Arabia to significantly increase oil production up to 13 million barrels per day. Last week, the may futures on Brent crude traded in the range of $27-30 per barrel.
Read the article: “Called “losers” from the oil of the Saudis war with Russia”
