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Michael Kern

Michael Kern

Michael Kern is a newswriter and editor at Safehaven.com and Oilprice.com, 

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Oil Prices Break $130 As EU And U.S. Allies Consider Ban On Russian Crude

The United States has confirmed that it is in talks with European allies to potentially sanction Russian crude oil in response to Moscow's ongoing aggression in Ukraine, sending oil prices briefly above $130

US Secretary of State Antony Blinken noted on Sunday during the NBC talk show Meet the Press on Sunday, “We are now in very active discussions with our European partners about banning the import of Russian oil to our countries, while of course at the same time maintaining a steady global supply of oil."

The latest considerations follow a stream of sanctions that have already had a significant impact on the Russian economy but have not yet been able to halt Putin's advance into Ukraine. 

European Commission President Ursula von Der Leyen has yet not fully supported the idea as of yet, though she has expressed that one of their primary goals in the sanctions that have been levied thus far is to cut Putin's funding streams. 

The European Commission President noted on CNN, “The goal is to isolate Russia and to make it impossible for Putin to finance his wars,” adding “For us, there is a strong strategy now to say we have to get rid of the dependency of fossil fuels from Russia.” 

The move, if agreed upon, has long been considered the "nuclear option" as a ban on Russian oil could weigh on global supply in an already tight market.

Bank of America analysts noted that if Russia's oil is cut off, the market could face a 5 million barrel shortfall which could push oil prices to $200 per barrel.

The situation is compacted by stalling talks with Iran over a potential new nuclear deal.

Amrita Sen, the co-founder of Energy Aspects, a think tank, explained, "Iran was the only real bearish factor hanging over the market but if now the Iranian deal gets delayed, we could get to tank bottoms a lot quicker especially if Russian barrels remain off the market for long."

By Michael Kern for Oilprice.com 

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Leave a comment
  • Mamdouh Salameh on March 07 2022 said:
    This mad rise in oil prices is neither sustainable nor justified by even the robust fundamentals of the global oil demand. If it continues, it will lead to a destruction of global oil demand and also inflict serious damage on the global economy.

    Sane people are now wondering whether supporting Ukraine’s democratic right to wanting to join NATO is worth damaging the global economy and bringing the world closer to nuclear annihilation?

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London
  • Daniel Hangartner on March 22 2022 said:
    I'm not highly educated. I've never paid money to attend the Energy Economics at ESCP Europe Business School, London, but I believe the world can work things out at any momentary costs rather than accepting the horrors of actual life.
  • Daniel Hangartner on March 22 2022 said:
    Nuclear destruction will never happen. Asian Countries and such depend on tourism to run their economy.

Leave a comment




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