Russia threatens to slash oil supplies in 2023, spooks markets
Al JazeeraMAR 15 2023
The Spin
Establishment-critical narrative
The West's price cap was foolish from the onset, and bound to backfire. The cap is easy to circumvent, and Russia will continue to be one of the world’s leaders in oil exports, given its ability to tap into eastern markets. There are many areas able and willing to buy Russian oil and Western countries will now simply be forced to pay more for oil elsewhere.
Pro-establishment narrative
Putin’s energy blackmail may make him feel powerful now, but his decision to cut off oil sales to Western countries will hurt Russia in the long run. Russia is very dependent on oil exports to keep its economy afloat and stunting the global oil market is another blunder in Putin’s long line of mistakes.