Oil rigsMOSCOW, 27 Apr. The Ukrainian crisis led to the start of a cold war in the oil market, according to National Review columnist Joseph Sullivan. After the end of the Cold War, Russia became part of the global oil market, in which the source of raw materials did not matter in pricing. The ultimate cost of an energy carrier was determined only by its grade and transportation costs, the author wrote. “The existence of a single oil market is in some ways the embodiment of the dominance of globalization in the commodity market,” he added. . Sullivan pointed out that Russian Urals oil is being sold at a deep discount to Brent. According to the observer, the current discrepancy in price between the two varieties can only be partly explained by the anti-Russian sanctions of the West, but the difference began to appear earlier.The Americans spoke about the cessation of Russian gas supplies to Poland «By its nature and scale, the collapse of globalization in the oil market differs from everything that we have seen since the end of the Cold War,» the author added. more, and on the other — the rest of the world, including China. These countries cannot afford to overpay «just not to buy raw materials from Russia.» Sullivan cited India as an example. At current prices, switching to Russian oil would save the country $40 billion a year, or 1.5% of its GDP. The reporter drew attention to the fact that one and a half percent of GDP is a typical size of the American budget deficit in prosperous years. the global energy market will have consequences that will affect other areas of activity. In Germany, they called the main mistake of the United States in UkraineWestern countries imposed new sanctions against Moscow after the start of a special operation by the Russian army to demilitarize and denazify Ukraine. So, Russian reserves were frozen in the amount of about 300 billion dollars. Calls to abandon Russian energy sources have also become louder. However, disruption of supply chains has led to economic problems in Europe and the US, primarily to higher food and fuel prices.
