LAGOS MARCH 14TH (NEWSRANGERS)-Vladimir Putin has been raking in billions as oil prices surge following the US-Israeli war with Iran.
Despite years of sanctions on the Russian oil industry, amid Putin’s deadly ongoing invasion of Ukraine, the outbreak of war in the Middle East has helped line the despot’s pockets. New analysis has revealed the dictator is pocketing a staggering half a billion each day while oil supplies through the Middle East are disrupted.
The Strait of Hormuz – where one fifth of the world’s oil supply passes – has been effectively closed since the start of the month as Tehran launches retaliatory strikes on neighbouring nations and ships in the passage.
Oil and gas exports have been throttled with companies and countries struck with fear that their tankers could be the subject of Iranian drone attacks or bombings. This has led to some countries turning to evil Putin for their supply.
The Centre for Research on Energy and Clean Air (CREA) has produced new analysis which shows Russia has pocketed £6billion in less than two weeks from fossil fuel exports. This massive amount is 14% higher than levels in February, according to The Sun.
Sanctions campaigner, at Urgewald, Alexander Kirk warned of the consequences war in the Middle East could have in what he called the “reality of fossil fuel geopolitics”. He said: “When markets panic, authoritarian exporters cash in.”
The campaigner also warned how this massive influx of money could help Putin’s deadly war, adding: “In less than two weeks, Russia has earned an estimated £6billion from fossil fuel exports, money that ultimately feeds its war machine. Easing sanctions now would not stabilise markets. What it would do is allow Russia to sell the same oil for a far better price.
“US sanctions have forced Russian crude to trade at a steep discount. Any rollback closes that gap overnight and hands the Kremlin a revenue boost worth billions, at the very moment that pressure is starting to bite.”
Several vessels have been attacked in the waters around the Strait of Hormuz, including two oil tankers that were bombed in Iraqi waters. Shocking images showed how the vessels turned into a ball of fire that left at least one person dead on Thursday.
According to Iraq‘s director general of the General Company for Ports, Farhan al-Fartousi, said: “Two foreign tankers carrying Iraqi fuel oil were subjected to unidentified attacks inside territorial waters, causing them to catch fire.”
The official also revealed the ships were hit by Iranian boats filled with explosives. He told CNN that it had rescued 38 crew members but at least one person has died.
Iran has warned the world it should prepare for oil to hit a staggering $200 a barrel, double the already high price. A spokesperson for Iran’s Islamic Revolutionary Guard Corps said it will not let “a litre of oil” pass through the strait. They added: “You will not be able to artificially lower the price of oil. Expect oil at $200 per barrel.”
Mirror
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