Yep, that is how it's supposed to work,but in practice I'm not sure it will. And if it does work out like that it will take 2 or 3 years to happen. Meanwhile all of the lot of them will be jumping on the bandwagon and screwing every last penny out of us.
You are forgetting about the Capitalist West capitalising on the situation. Lloyds are talking of refusing to insure Russian tankers and cargoes of Russian oil. Interesting fact (learnt last week) Schott Glass have a factory in Russia that makes of the supply of tubular glass used for vials for vaccines etc. There is already a shortage of glass for pharmaceutical products around the world.
A slight twist on the situation:- Simplified - There are two concurrent oil producing organisations. OPEC and OPEC+. OPEC are the original Oil Producing Countries and the + are the others that tend to work with them or have arrangements with them. At the moment Russia is a major + and has an agreement with them that OPEC won't produce excess oil. This was a standard situation to keep prices up. Now, OPEC are talking about increasing production to help fill the gaps that will be left by the boycott, which will drop the price to the buyers. Russia are not happy about it and we need to wait and see what happens.
Some more cheery opinion from the grauniad Russia is winning the economic war - and Putin is no closer to withdrawing troops | Larry Elliott
This is sadly the scenario I feared, we are damaging ourselves more than Putin. We are using capitalist weapons to fight an essentially communist almost self-sufficient country, it won't work. Arming Ukraine is our best bet.
To add to my previous post:- good news and bad news The good news is that OPEC have decided to increase production despite Russia asking them not to. The bad news is that they have only agreed to increase production by 200,000 barrels a day which is insufficient to significantly affect prices.
What annoys me is that oil prices have risen to what they were in 2003 and yet petrol prices didn't rise as they have done now.
Bandwagon jumping comes to mind, the public will suffer it because it's in defense of Ukraine, I just wonder how long before that runs a bit thin in people's eyes. What happened to the 5p tax drop? With the price rise the chancellor is making more than that with the extra VAT he's dragging in. Certain people made billions out of covid, and the same is happening now. I get the feeling we will just lurch from one crisis to another from now on, there is just too much money to be made out of one.
I heard it was a higher bpd of 648,000. Oil little changed after OPEC-plus agrees to boost output by 648,000 bpd I wonder if that is because one news agency is not including Russia's pumps or why that huge difference. Confusion seems to be a limitless commodity!
I think the intention was to produce 200k extra barrels per day during the months of July and August, That has now been increased to 648k barrels per day, again, it is only planned for the months of July and August, so no reduction at the pumps anytime soon, if any at all.
Oil prices won't stay high - we're in the post covid lock down period now - demand will stabilise and prices will come down to pre covid levels. Sanctions will be in place long term - longer than Putin will be able to fund his war. Withdrawal of western tech is hampering his ability to make weapons. Factories are shutting down or going part time. Their oil shipping industry has just taken a bashing from the EU. Although Russian media won’t admit it, there is soaring inflation and a rise in the cost of living for ordinary Russians. Unemployment is taking hold. It seems the Russian government is beginning to realise it is running out of road when it comes to hiding this from the public.
Just seen an interesting news report about the Ukrainian army using the French supplied Caesar howitzer against Putin. I always thought that artillery was there to carpet bomb an area. This French artillery is amazingly accurate - all you have to do is enter the GPS co-ordinates of the thing to be shelled and the howitzer does the rest. It susses out where it is located and shoots a shell to explode at the enemy GPS co-ordinates. Amazing technology.
The gun is attached to the back of a lorry. The Ukrainian soldier said that it takes 3 minutes from arrival to launch of the shell. He said that their approach is fire - drive off to the next launch location - fire and so on - so that when Putin works out where the shall had come from - the Ukrainians have already left. They move mostly at night. I suspect that they also have a stock of Star Streak missiles stashed in the boot - just in case a Putin air craft decided to have a go. Apparently yesterday was the deadline for occupying Severodonetsk - which is why Putin's military puppets are throwing everything they have at it. All that death for a pile of rubble.