The war in Ukraine will drive the price of crude oil for the foreseeable future as the...
Ukrainian soldiers take cover from incoming artillery fire. The war will continue to drive oil prices.The war in Ukraine will drive the price of crude oil for the foreseeable future as the market waits for suppliers not named Russia that could be waiting in the wings, analysts said.
“That means Russian oil will no longer be acceptable at U.S. ports, and the American people will deal another powerful blow to Putin’s war machine,” he said. Iran in theory could add another 1 million barrels per day to the market, should there be a breakthrough in multilateral nuclear negotiations, though Russia, a participant in treaty, has blocked a deal. Washington is also warming to Venezuela, but it’s unclear how much oil the delipidated infrastructure there could churn out in short order.
Vandana Hari, the founder and CEO at the Singapore-based research firm Vanda Insights, tempered the pessimism, however. If it’s only the United States physically shunning Russian barrels, that does little to the global market as Russia is a very minor supplier to the U.S. economy. Ed Longanecker, the president of the Texas Independent Producers & Royalty Owners Association, said producers here in Texas are ready to respond as much as possible.
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