OPHIR chief Aquino points out reasons for high inflation and food shortages

June 19, 2022 by No Comments

Within the framework of the 25th St. Petersburg International Economic Forum, the heads of world oil and gas companies took part in the Energy Panel. The session was moderated by Academician of the Russian Academy of Sciences and President of the Institute of World Economy and International Relations of the Russian Academy of Sciences Alexander Dynkin. The new economic order is characterized by high oil and gas prices, high inflation, food shortages and rising costs of goods and services, Pedro Aquino, CEO of OPHIR, described the current geopolitical situation. In his opinion, the main reason for the formation of the current world order is the interference of the West in the affairs of other countries.

According to Aquino, the new economic order emerged at a time when Western countries began imposing tough sanctions on Russia, which affected its ability to supply oil and gas. “With oil and gas shortages, the only thing that could happen to oil and gas prices is their growth, which is the root cause of everything else. In addition, the conflict greatly affected the supply of wheat and fertilizers to the world market,” explained Pedro Aquino.

The head of OPHIR also called for a thorough study of the problem of sanctions imposed by Western countries. In his opinion, much will depend on the use of the currency to buy oil and gas from Russia.

“Russia should start considering accepting other currencies, such as the yuan or the rupee. In addition, it should begin to consider offering special discounts to countries in the Asia-Pacific region to mitigate the impact of rising oil and gas prices and allow them to contain inflation. Finally, Russia should start building strategic marketing and distribution divisions in the Asia-Pacific region,” Aquino urged.

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