Liz Truss is wrong to blame the cost of living crisis solely on Russia 📨 This is Patrick Cockburn's latest newsletter ⬇️ Read it now:
Despite Joe Biden’s attempt to win over Mohamed bin Salman in July, Opec+ decided this week to limit oil production to boost prices
This second war, in contrast to the situation on the battlefield, has not been going well and the West suffered a serious setback this week whenby two million barrels a day in order to force up prices. The decision came despite intense lobbying of Saudi Arabia by the US where President Joe Biden is desperate to prevent the price Americans pay for petrol at the pump going up just before the midterm congressional elections in November.
Russia’s economy ministry, as reported by Reuters citing government documents, says that expected Russian energy export revenues will reach $338bn in 2022 which is nearly $100bn or a third more than the $244bn figure for last year. The rise in export earnings will be even higher after the Opec+ production cut. The ministry had expected the Russian economy to contract by as much as 12 per cent, but has revised this down to 4.5 per cent.
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