The article discusses the impact of OPEC’s (Organization of the Petroleum Exporting Countries) decisions on global oil prices and how this can affect Russia’s economy, particularly its ability to fund its war in Ukraine. It also mentions former US President Donald Trump’s policies on drilling for U.S. oil and gas and their potential to push down prices and box out Russian oil.
Some key points from the article are:
* OPEC controls 30% of the global oil supply and can dramatically affect global oil prices by adjusting its production levels.
* Lowering global oil prices would deplete Russia’s main source of revenue, which it uses to fund its war in Ukraine.
* Trump’s policies on drilling for U.S. oil and gas could potentially push down prices and box out Russian oil.
* The Kremlin sees nothing new in Trump’s threats to impose sanctions if no deal on the war in Ukraine is reached.
* President Volodymyr Zelensky led a Ukrainian delegation at the World Economic Forum, seeking to highlight the country‘s economic potential and investment appeal.
The article also mentions some statistics, such as:
* Ukraine holds $26 trillion in mineral wealth, including one-third of Europe’s lithium reserves and significant gas reserves.
* Russia is ready for an “equal and respectful” dialogue with the U.S., but no preparations are currently underway for a meeting between Trump and Putin.