May 11, 2021
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Russia will benefit from the reduction of the US share in the oil market

The period, while the US share in the oil market is small, is beneficial for Russian exports, says Alexei Gromov, energy director at the Institute of Energy and Finance.

For a number of reasons, 54 US oil companies went bankrupt in the previous year. Their total debt reaches $ 55 billion, with more than half of these funds being unsecured loans.

“A clear plus from the slow recovery of American shale oil production will be the maintenance of a relatively high level of oil prices,” said Gromov.

In a conversation with the FBA “Economics Today”, the expert said that the favorable situation for Russia will continue until the first half of 2022. He expects oil prices to hold out at their highs until this period.

Analysts had previously predicted an increase in oil prices. The market ignores the negativity associated with record coronavirus infections in Asian countries, including India.

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