New Delhi:
Russia, whose economy is very much dependent on oil, energy and mineral exports for the world, is staring at a crisis, the way they are currently in the way they are present. Moscow has voiced the alarm as oil prices fell to $ 60 per barrel on Monday. Russia’s urals oil was submerged – reached around $ 50 per barrel as the oil markets faced excessive disturbance.
Reason – Donald Trump’s mutual tariffs, which have sent global markets to global markets, including oil in a free fall. To add grief, China, the second largest economy in the world, also announced counterfeit measures to target Washington.
The oil and gas sector is the largest contributor to cash flow in the Russian federal budget. In March alone, a year ago, revenue from the major region fell more than 17 percent compared to the same month. After Trump’s tariff order, it is before the spiral below April.
Answering a question on falling oil prices and its impact on the Russian economy, Kremlin’s spokesman Dimitri Peskov said, “Of course this indicator is very important to fill the budget. Our official is monitoring the situation very closely, which is currently very turbulent, stressful to reduce the results of this economic storm.”
According to a Bloomberg report, on Friday, Russia’s Urals oil was trading at a low -$ 52 per barrel in Primorsk in the Baltic Sea. It fell even further on Monday, making its way towards the mark of $ 50 per barrel.
In less than 72 hours, trillions of dollars have been lost in global markets and are severely concerned with a possible slowdown in making investors.
The WTI crude or Texas crude, which is an American benchmark for American oil, is also less than $ 60 per barrel, while Brent Raw Price fell to an internationally $ 64 per barrel.
Meanwhile, President Trump doubled his stance and said, “Oil prices are down … there is no inflation”. He dismissed the concerns of economists of a possible recession.
In a post on his social media platform Truth Social, President Trump wrote, “Oil prices are below, interest rates are down (slow -moving fed rates should be cut!), Food prices are down, there is no inflation, and a long time abused USA is bringing from billions of dollars in a week, which are already in place.”
He then sang China, saying that it is those who are actually guilty of previous leaders in the US who “allowed this”. On Truth Social, he wrote, “This is despite the fact that all of them, China, whose markets are crashing, increased their tariffs by 34%, not accepting my warnings for the abuse countries, on top of its long -term high tariffs (plus!).
Donald Trump announced a mutual tariff on nations tariffs tariffs on Wednesday (US Time-Zone), in addition to 10 percent tariffs across the world. Since then, global stock markets have been experiencing an irreparable -free fall, such as oil or raw markets, as well as goods markets.