BRICS voted to invite Saudi Arabia, Iran, Ethiopia, the United Arab Emirates, Argentina, and Egypt, giving the group control over three more major oil exporters in the Middle East.
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Russia is strategically using oil as a means of countering the Western cap, by refusing to sell oil to the countries that proposed the price cap. Russia’s permanent representative to international organizations in Vienna, Mikhail Ulyanov, recently tweeted “From this year, Europe will live without Russian oil,” says CBS News.
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Another reason for the Venezuela swap urgency is because the recent international sanctioning on Russia heavily influences global energy prices. Venezuela is one of Russia’s most important allies in Latin America and this agreement may impact how that relationship unfolds.
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The ongoing energy crisis that started in Europe has rapidly reverberated across the globe, and the United States is not immune from its influences. However, while Energy Wire reports on Americans deep rooted concerns over gas prices and the domestic political impact it may have, U.S. oil production means the country is more involved in the crisis than some assume.
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The Organization of the Petroleum Exporting Countries (OPEC) and other involved nations, collectively known as OPEC+, have come to an agreement where every oil-producing nation will cut production.
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On Monday, March 8, oil prices plunged over 20 percent after Saudi Arabia announced plans to ramp up production in retaliation to Russia’s rejection of production cuts.
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Trump will keep some U.S. forces in Syria to protect the oil-rich Deir ez-Zor province while abandoning the Kurds and the SDF to Turkey’s wrath. This move demonstrates that the U.S. will not likely relinquish control of the oil fields anytime soon.
Read MoreThe oil mining and production behemoth ExxonMobil is expected to begin oil production in Guyana in 2020.
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The United States Treasury Department, recently declared oil sanctions on Venezuela’s state-run oil company Petroleos de Venezuela.
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While the government has been able to unify the country using Persian nationalism in the past, the current unrest in Iran is unlike anything it has faced before. The outside pressures it faces might prove too much to handle if domestic dissident groups continue to gain momentum.
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