Record volatility in oil prices in the world market, those who are taking advantage

Oil prices are rising in the international market due to the war in the Middle East. On Thursday (March 12), the price per barrel increased and touched the milestone of $ 100. Iran has warned that if the barbaric attack by the US-Israeli does not stop, the important Strait of Hormuz will be completely closed and the price of oil will be taken to $ 200. However, even in such a situation, some countries and institutions are taking advantage by increasing prices by showing an artificial crisis. Analysts say that top energy producing countries, including Russia, are benefiting financially.

Energy analyst Chris Weafer told Al Jazeera, "Russia is definitely benefiting financially from this situation." According to him, the current situation has created new opportunities for Moscow after Russia's income from oil exports has decreased for several months.

He said that Russia's income from oil sales was hit hard by the sanctions imposed by Washington late last year. At that time, Russia had to sell a lot of oil at a significant discount.

When Brent crude was around $65 a barrel on the global market, some Russian oil was selling for as little as $45, Wafer explained. But the recent price increase has changed that situation.

“Since the beginning of last week, almost all of Russia’s excess oil has been bought by Asian buyers,” he said. As a result, Russian oil is now being sold at prices closer to global market prices than before.

According to Wafer’s calculations, Russia’s oil export revenue increased by about $3 billion last week alone. However, he noted that it is not just Russia that is benefiting from this situation – several other major energy producing countries are also benefiting.

In his words, “producers in the oil-rich states of the United States will also soon benefit significantly.” In addition, he said, oil producers in countries such as Australia and Canada are also benefiting from higher prices.