Russia’s Self-Inflicted Calamity, China’s Advantage

Today Novaya gazeta appears with a devastating attack on the suicidal blow by Rosneft in precipitating the collapse in the price of oil on world markets at a time when the country stands on the verge of economic disaster with the  Wuhan virus and its lethal impact on world trade.

Yulia Latynin points out that the vast amount of money chucked needlessly at Maduro’s Venezuela in 2015 was immediately wasted; that the Saudis were alienated unnecessarily by the abject refusal to join in raising the price of oil by cutting production; that as a consequence the rouble has plummeted; President Putin has now had to humiliate himself by turning to President Trump to act as an intermediary with the Arabs; yet the President’s former adviser, Sechin, heading Rosneft has been given a free pass by the Russian government taking on the company’s losses without compensation. And, worst of all, China – the very source of the Wuhan virus – is the sole beneficiary of the colossal misjudgement that set the entire machine in motion by stocking up on oil at the cheapest prices for years.

Novaya gazeta:

Сечин и Китай

Одна страна неизмеримо выгадала от решения главы «Роснефти» выйти из переговоров с ОПЕК

   The polemic may have been premature, but it is well deserved. Trump has now secured the potential for a deal with the Saudi Crown Prince that may lead to a meeting of OPEC, the oil producers’ cartel, and the agreement to raise the price of oil. Even so, the entire exercise has been humiliating for Putin. His latest broadcast shows him worn to the bone.