By Dominic Wabwireh with AP
Russia is earning nearly $588 million daily from fossil fuel exports in March—a 17 percent increase since February—as the Iran conflict disrupts Gulf oil supplies and drives prices higher, new analysis shows.
“Russia has stepped in to supply oil and gas to global markets at increasing prices,” said Isaac Levi of the Centre for Research on Energy and Clean Air.
“The longer the crisis goes on, the more it benefits Russia—providing money for drones, weapons, and recruitment.”
Who’s buying
China, Turkey, and India now buy 90 percent of Russia’s crude oil.
European nations remain major buyers of Russian gas via pipeline and LNG shipments.
Escalating conflict
Brent crude spiked above $100 as Iranian strikes hit ships around the Strait of Hormuz.
The Pentagon says the first week of war cost the U.S. $11.3 billion, while 3.2 million Iranians and 800,000 Lebanese have been displaced.