Russia Pushes to Become the World’s Biggest Oil Producer

Russia Pushes to Become the World’s Biggest Oil Producer

April 7, 2020

The Associated Press reported on March 28, 2020, that Russia’s Rosneft transferred its assets in Venezuela to a company fully owned by Vladimir Putin’s government, a move apparently intended to shield Russia’s largest oil producer from U.S. sanctions. The maneuver shows Russia looks set to buy Venezuela’s oil.

The Heartland Institute reports:

As Washington crushes the country with sanctions, Venezuela is unable to pay its bills and may be selling their prized possession to their biggest debtor, Russia. Very timely, as Putin strives to be the country that dominates the world’s oil and natural gas, and ultimately control the world.

Vladimir Putin’s funding of anti-fracking efforts in America are gaining success in Washington, as Putin’s supporters in Washington are seriously considering national anti-fracking legislation that will negatively impact the USA, the largest oil producer in the world, and further establish Putin’s’ position, by reestablishing Russia as the top supplier to the world and fulfill his end goal to control the world.

The COVID-19 crisis has caused oil demand to go down while supply is up due to the price war led by Saudi Arabia and Russia, driving the price of oil to continue to tank. U.S. crude futures were trading at $26.85 a barrel on Monday, down about 3% after OPEC+ members delayed a meeting on output cuts. Prices below $30 a barrel are less than the cost of production, causing energy companies to continue to make spending and job cuts. Yesterday, Halliburton Co announced it was cutting about 350 employees in Oklahoma permanently and just last month said it would furlough 3,500 workers in Houston to cope with lower prices.

The oil and gas industry is facing immense financial pressures during this time of market disruption. Now more than ever, our government should work to defend the vital industry that provides millions of American jobs, national economic growth, and has secured America’s energy independence. The OPEC+ meeting now will be held on Thursday and hopefully will bring relief to the industry and instill confidence in our nation’s security, thanks to the diplomatic influence the oil industry has achieved for the U.S.