OPEC and allied oil-producing countries, including Russia, are weighing conflicting forces Thursday as they decide how much crude should flow to volatile global markets. Europe’s proposal to phase out Russian oil and other Western sanctions are choking back supply, while COVID-19 shutdowns in China are cutting demand.
Oil prices have risen as the boost in production remains smaller than what countries like the U.S. are pressing for to ease high prices at the pump. Some OPEC+ members also haven’t been able to reach their allotted quotas. Two members – Saudi Arabia and the United Arab Emirates – have almost all the group’s spare capacity.
Fears of a cutoff of Russian oil, natural gas or both have helped keep energy prices high. Russia is the world’s largest oil exporter, with some 12 per cent of global supply, and Europe is its biggest customer. The Paris-based organization said that “while some buyers, most notably in Asia, increased purchases of sharply discounted Russian barrels, traditional customers are cutting back.”
But “higher prices could be around the corner,” said Bjornar Tonhaugen, head of oil markets research at Rystad Energy. “The oil market has not fully priced in the potential of an EU oil embargo, so higher crude prices are to be expected in the summer months if it’s voted into law.”
Almost like the media is obsessed with fear porn....
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