US Iran War: The world is in turmoil, Russia is rich! Iran war earns Russia an extra $150 million per day

• An additional 10 billion dollars in revenue for Russia
• Profit for Russia?
• Will crude oil prices rise further?

US Iran War: After the end of the world war, the consequences of this war were seen everywhere else. As all the prices have gone up, there has been a huge increase in the price of crude oil. It has recently touched around $120 per barrel and is still trading above $100. The ongoing war between Iran and the US/Israel has halted traffic through the Strait of Hormuz. About 20% of the world’s oil is transported through this route. Crude oil prices have risen due to a drop in supply. This has ruined the world, but in all this one country is making good profits and that is Russia. Russia is earning an extra $150 million per day by selling its oil at a premium. It is estimated that by the end of this month, his additional income is likely to reach 4 billion dollars.

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An additional 10 billion dollars in revenue for Russia

Before the Iran war, Russian oil was available at discounted prices. But as a result of this war, the supply of oil through the Strait of Hormuz has stopped, so the demand for Russian oil has increased rapidly. Meanwhile, US President Donald Trump has given several countries, including India, a 30-day exemption from buying Russian oil. US Treasury Secretary Scott Besant claims that Russia will not benefit greatly from this. But experts say Russia could earn an additional $10 billion from oil and gas to fund the Ukraine war.

Profit for Russia?

Russia’s oil and gas revenues are expected to rise by two-thirds in March compared to February, based on shipping data and rising oil prices. The price of Russian Urals crude has risen almost 50 percent since the start of the Iran war. Russia shipped 3.18 million barrels of oil per day by sea in February, up from $4.56 billion in March, according to Kepler data.

93 percent of Russia’s oil in just three countries

Earlier, US sanctions had reduced Russia’s energy income. In February, Russia had to sell oil at a discount of $10 per barrel compared to Brent crude. But now the situation has changed. Russian oil is now available at a premium of $5 per barrel. Due to the war in Iran, many countries in Asia have experienced oil shortages. So countries like Pakistan, Bangladesh and Thailand are now preparing to buy Russian oil. Until now, 93 percent of Russia’s oil went to just three countries – China, India and Turkey.

Crude oil price

After the Ukraine war, when Western countries imposed sanctions on Russian oil and gas, Russia began selling oil to India and China at discounted rates. Russia soon became India’s largest supplier of crude oil. However, due to US pressure, India recently reduced its purchases of Russian oil, but it remains India’s largest supplier. After the US concession, Indian companies have bought more than 30 million barrels of Russian crude oil.

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Crude oil prices closed higher on Friday. Brent crude rose $2.68, or 2.67 percent, to settle at $103.1 a barrel. WTI crude rose 3.11 percent to $98.71. Meanwhile, the US targeted military installations on Iran’s Kharg Island. Trump has threatened to target Iran’s oil facilities if Iran does not comply. This may further increase oil prices.