This is CBSI on the world. I'm John Batchel, watching the sanctions regime on Russia.

Michael Bernstein, in the Hoover Institution, the story begins with oil, then it goes to natural gas.

Michael, a very good evening to you.

The price of oil, a barrel of oil at West Texas and at Brent crude continues to drop gradually. However, you tell me there's more to find here about the price of oil, how much is how much it's charged the best customers? They used to be China and India. Is that still correct? Good evening to you.

Good evening to you and still China and India. Is that still correct? Good evening to you.

Good evening to you.

And still China and India and plus Turkey are the major Russian importers and buyers of oil.

But the problem is the declining oil prices because of several factors, the most important U.S. show, because the United States is now reaching

13.5 million barrels per day, by far the largest oil producer and the largest oil exporter

in the world. Then, the OPEC countries increase their oil quotas by 1.65 million barrels per day.

Half of it is compensation for past increases, but half will be on the market.

And so all together in the next several months, all international agencies

and the United States Energy Information Administration are predicting the following.

One, there will be 1.5 to 2 million barrels per day oil surplus.

It's an oil blood in the world for as long as the eye can see.

And prices will go down, so prices are predicted officially by the United States government

to be $62 per barrel in the last quarter of 2025,

$52 per barrel in 2006.

And given the discount of $13 or so, Russian oil will trade in the market around $40 per barrel,

which is terrible for the Russian budget and for the

Russian economy.

The Turkey purchasing, you tell me that Turkey and Donald Trump have been talking.

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