EU Ban On Russian Oil Could Send Crude Prices Above $130

[Zibago]

EU Ban On Russian Oil Could Send Crude Prices Above $130​

By Tsvetana Paraskova - May 31, 2022, 8:00 AM CDT



Brent Crude prices are set to average just over $107 per barrel in the second quarter, the latest Reuters poll of analysts showed on Tuesday, but some experts expect the partial EU ban on Russian imports to send oil prices to above $130 a barrel in the short term.
“We believe once the fine print of the EU ban becomes clearer in coming days, as to the timing and full extent of the ban, we could see oil prices move beyond $130 per barrel,” DBS Bank lead energy analyst Suvro Sarkar told Reuters in the monthly survey of 33 analysts and economists.
The EU agreed late on Monday to impose by the end of the year a ban on seaborne Russian oil imports, exempting—for now—pipeline oil supply via the Druzhba pipeline to Hungary, the Czech Republic, and Slovakia.

The sixth package of EU sanctions against Russia will immediately impact 75% of Russian oil imports, and by the end of the year, 90% of the Russian oil imported in Europe will be banned, Charles Michel, President of the European Council, said.
As a result of the ban, the global market will see further constraints in supply, which are set to support oil prices, analysts say.
For the full year, the analysts in the Reuters poll expect Brent Crude prices to average $101.89 a barrel, up from the $100.16 consensus forecast in the April poll.
Early on Tuesday, Brent Crude was up 1.5% at $123.45 per barrel, following the news of the EU embargo, the low fuel inventories in the United States, lower global refinery capacity than before COVID, and a tentative reopening in the Chinese city of Shanghai after two months of lockdowns.
“A gradual ban on Russian oil means that the strength in the market shouldn’t be as abrupt as it could have been had we seen an immediate ban. Instead, we expect prices to trend higher through the course of the year,” Warren Patterson, Head of Commodities Strategy at ING, said on Tuesday.
ING expects Brent Crude to average $110 per barrel this quarter, $118 in the third quarter, and $125 in the fourth quarter. WTI Crude forecasts are for $107 a barrel average price for Q2, $115 in Q3, and $122 in Q4.

EU Ban On Russian Oil Could Send Crude Prices Above $130​

By Tsvetana Paraskova - May 31, 2022, 8:00 AM CDT
Brent Crude prices are set to average just over $107 per barrel in the second quarter, the latest Reuters poll of analysts showed on Tuesday, but some experts expect the partial EU ban on Russian imports to send oil prices to above $130 a barrel in the short term.
“We believe once the fine print of the EU ban becomes clearer in coming days, as to the timing and full extent of the ban, we could see oil prices move beyond $130 per barrel,” DBS Bank lead energy analyst Suvro Sarkar told Reuters in the monthly survey of 33 analysts and economists.
The EU agreed late on Monday to impose by the end of the year a ban on seaborne Russian oil imports, exempting—for now—pipeline oil supply via the Druzhba pipeline to Hungary, the Czech Republic, and Slovakia.

The sixth package of EU sanctions against Russia will immediately impact 75% of Russian oil imports, and by the end of the year, 90% of the Russian oil imported in Europe will be banned, Charles Michel, President of the European Council, said.
As a result of the ban, the global market will see further constraints in supply, which are set to support oil prices, analysts say.
For the full year, the analysts in the Reuters poll expect Brent Crude prices to average $101.89 a barrel, up from the $100.16 consensus forecast in the April poll.
Early on Tuesday, Brent Crude was up 1.5% at $123.45 per barrel, following the news of the EU embargo, the low fuel inventories in the United States, lower global refinery capacity than before COVID, and a tentative reopening in the Chinese city of Shanghai after two months of lockdowns.
“A gradual ban on Russian oil means that the strength in the market shouldn’t be as abrupt as it could have been had we seen an immediate ban. Instead, we expect prices to trend higher through the course of the year,” Warren Patterson, Head of Commodities Strategy at ING, said on Tuesday.
ING expects Brent Crude to average $110 per barrel this quarter, $118 in the third quarter, and $125 in the fourth quarter. WTI Crude forecasts are for $107 a barrel average price for Q2, $115 in Q3, and $122 in Q4.

EU Ban On Russian Oil Could Send Crude Prices Above $130 | OilPrice.com

Some experts expect the partial EU ban on Russian imports to send oil prices to above $130 a barrel in the short term

oilprice.com

 

[Foinikas]

They say Putin is crazy,but they want to destroy Russia even if they destroy their economies as well.

Of course the rich will not have any problems with that.

 

[Falconless]

They have stockpiles, the developing world doesn’t.

 

[925boy]

1. Market reality says that large oil exporting countries hold the leverage card when it comes to energy diplomacy.

2. EU banning Russian oil will only help the likes of Iran - which other countries actually have reliable spare capacity to supply the EU with oil? EU will either run to Venezuela, Iraq or/and Iran for spare oil.

3. EU just increased their energy prices AGAIN with this move, because they have no feasible alternatives in place, and wont for a while either.

 

[HttpError]

1. Market reality says that large oil exporting countries hold the leverage card when it comes to energy diplomacy.

2. EU banning Russian oil will only help the likes of Iran - which other countries actually have reliable spare capacity to supply the EU with oil? EU will either run to Venezuela, Iraq or/and Iran for spare oil.

3. EU just increased their energy prices AGAIN with this move, because they have no feasible alternatives in place, and wont for a while either.

Kuwait also, it holds 10% of proven oil reserves of the World.

 

[KendoKhan]

This will only hurt the developing nations.

 

[araz]

EU Ban On Russian Oil Could Send Crude Prices Above $130​

By Tsvetana Paraskova - May 31, 2022, 8:00 AM CDT



Brent Crude prices are set to average just over $107 per barrel in the second quarter, the latest Reuters poll of analysts showed on Tuesday, but some experts expect the partial EU ban on Russian imports to send oil prices to above $130 a barrel in the short term.
“We believe once the fine print of the EU ban becomes clearer in coming days, as to the timing and full extent of the ban, we could see oil prices move beyond $130 per barrel,” DBS Bank lead energy analyst Suvro Sarkar told Reuters in the monthly survey of 33 analysts and economists.
The EU agreed late on Monday to impose by the end of the year a ban on seaborne Russian oil imports, exempting—for now—pipeline oil supply via the Druzhba pipeline to Hungary, the Czech Republic, and Slovakia.

The sixth package of EU sanctions against Russia will immediately impact 75% of Russian oil imports, and by the end of the year, 90% of the Russian oil imported in Europe will be banned, Charles Michel, President of the European Council, said.
As a result of the ban, the global market will see further constraints in supply, which are set to support oil prices, analysts say.
For the full year, the analysts in the Reuters poll expect Brent Crude prices to average $101.89 a barrel, up from the $100.16 consensus forecast in the April poll.
Early on Tuesday, Brent Crude was up 1.5% at $123.45 per barrel, following the news of the EU embargo, the low fuel inventories in the United States, lower global refinery capacity than before COVID, and a tentative reopening in the Chinese city of Shanghai after two months of lockdowns.
“A gradual ban on Russian oil means that the strength in the market shouldn’t be as abrupt as it could have been had we seen an immediate ban. Instead, we expect prices to trend higher through the course of the year,” Warren Patterson, Head of Commodities Strategy at ING, said on Tuesday.
ING expects Brent Crude to average $110 per barrel this quarter, $118 in the third quarter, and $125 in the fourth quarter. WTI Crude forecasts are for $107 a barrel average price for Q2, $115 in Q3, and $122 in Q4.

EU Ban On Russian Oil Could Send Crude Prices Above $130​

By Tsvetana Paraskova - May 31, 2022, 8:00 AM CDT
Brent Crude prices are set to average just over $107 per barrel in the second quarter, the latest Reuters poll of analysts showed on Tuesday, but some experts expect the partial EU ban on Russian imports to send oil prices to above $130 a barrel in the short term.
“We believe once the fine print of the EU ban becomes clearer in coming days, as to the timing and full extent of the ban, we could see oil prices move beyond $130 per barrel,” DBS Bank lead energy analyst Suvro Sarkar told Reuters in the monthly survey of 33 analysts and economists.
The EU agreed late on Monday to impose by the end of the year a ban on seaborne Russian oil imports, exempting—for now—pipeline oil supply via the Druzhba pipeline to Hungary, the Czech Republic, and Slovakia.

The sixth package of EU sanctions against Russia will immediately impact 75% of Russian oil imports, and by the end of the year, 90% of the Russian oil imported in Europe will be banned, Charles Michel, President of the European Council, said.
As a result of the ban, the global market will see further constraints in supply, which are set to support oil prices, analysts say.
For the full year, the analysts in the Reuters poll expect Brent Crude prices to average $101.89 a barrel, up from the $100.16 consensus forecast in the April poll.
Early on Tuesday, Brent Crude was up 1.5% at $123.45 per barrel, following the news of the EU embargo, the low fuel inventories in the United States, lower global refinery capacity than before COVID, and a tentative reopening in the Chinese city of Shanghai after two months of lockdowns.
“A gradual ban on Russian oil means that the strength in the market shouldn’t be as abrupt as it could have been had we seen an immediate ban. Instead, we expect prices to trend higher through the course of the year,” Warren Patterson, Head of Commodities Strategy at ING, said on Tuesday.
ING expects Brent Crude to average $110 per barrel this quarter, $118 in the third quarter, and $125 in the fourth quarter. WTI Crude forecasts are for $107 a barrel average price for Q2, $115 in Q3, and $122 in Q4.

EU Ban On Russian Oil Could Send Crude Prices Above $130 | OilPrice.com

Some experts expect the partial EU ban on Russian imports to send oil prices to above $130 a barrel in the short term

oilprice.com

Time for us to make a full thrust towards getting oil from Russia at 30% rebate. If someone blames us please bankruptcy and say if you can match the price we will buy from you. But you do need some balls to be able to do so and we have a bunch of scaredy cats leading us.
A

 

[Apollon]

They say Putin is crazy,but they want to destroy Russia even if they destroy their economies as well.

Of course the rich will not have any problems with that.

We had no trade with Nazi Regime either.

 

[PakCan]

USA provoked Russia, Ukraine gets destroyed. Commodity prices go up, European citizen pay the price.

What does USA gets?
Military contracts of course.

Good for Europeans for not having a backbone and getting in the USA created mess.

 

[Foinikas]

We had no trade with Nazi Regime either.

That was WORLD WAR II.

 

[Apollon]

That was WORLD WAR II.

And now its WW III. Its same as 1939. Facist tyrant attacks weaker neighbor, claiming some racist bullshit and wants all of Europe.


Freedom costs.

 

[newb3e]

Russia will flood cheaper oil in the market but only independent countries will be able to benefit from that unfortunately Pakistan being a slave of amrikan generals will keep suffering!

 

[Foinikas]

And now its WW III. Its same as 1939. Facist tyrant attacks weaker neighbor, claiming some racist bullshit and wants all of Europe.


Freedom costs.

Oh you dumb retard. It's nothing to do with WWII nor "racist bullshit". If anything,you're the racist here. You're the one who's been talking about European superiority and mocking all other people.

Freedom costs says the spoiled brat with the account full of money. Millions of people in Europe can't sustain this madness of the West and NATO. Because you're a spoiled little wealthy kid,living in safety far away from the war,you think others want the same?

 

[beijingwalker]

The more, the merrier

 

[Beast]

And now its WW III. Its same as 1939. Facist tyrant attacks weaker neighbor, claiming some racist bullshit and wants all of Europe.


Freedom costs.

Do you meant US?