Russia’s vast oil reserves untapped without Western technology — expert

Maciej Bukowski, head of the energy and resilience program at the Kazimierz Pułaski Foundation, stated this on Espreso.

"It seems to me that scenarios in which the oil price is below $50 per barrel would be realistic only if the conditions for that were created. In other words, if that price level is reached, it will not be sustained for long. The U.S. can influence the oil price; moreover, oil is different and its extraction costs also vary," Bukowski explained.

According to the expert, if the U.S. increases oil production, it will certainly not allow the price per barrel to fall sharply to an excessively low level.

"It is very important to remember that many oil deposits in Russia are not being exploited because the necessary technologies are lacking. Those technologies are held by the Americans. For example, in 2019 the U.S. became an oil exporter for the first time, rather than an importer. So if Western technologies became available to the Russians again, they would be able to develop more of the oil fields they have. Another important point in this context is Donald Trump's words before the election, when he urged American companies to increase oil production. That is indeed going to happen. If oil production in the U.S. increases, Americans will certainly not allow the price to fall to an excessively low level," he added.

• According to Reuters, on Monday, August 18, global oil prices fell after the U.S. did not impose additional restrictions on Russia following the meeting between Donald Trump and Vladimir Putin in Alaska.