Topic: I heard a rumor that OPEC will go 300 USD / barrel this year - page 2. (Read 498 times)
The issue that the price of oil will continue to rise I have often heard, and this year the price has reached $100 per barrel, with stocks becoming increasingly difficult but demand continues to increase so prices will continue to rise, especially when there is a war between Russia vs. oil stock in case something bad happens.
OIL is back below 100 USD/barrel.
Russia order to pay oil in RUB has been quite supportive of USDRUB in the short term, but I guess it will be useless to mantain the level in the long term.
WTI Crude is now trading at $103, with Brent Crude is almost surpassing $110 ($109 to be exact). While this fall in prices is better than nothing, it doesn't sound too promising, since oil has been extremely volatile the past few weeks, thus, this decrease might not actually mean accomplish anything (in terms of fuel prices which are unlikely to change at the gas pumps). Russia order to pay oil in RUB has been quite supportive of USDRUB in the short term, but I guess it will be useless to mantain the level in the long term.
If the war doesn't stop anytime soon, we'll be subject to see massive increases in fueling and energy costs.
Yeah.. just checked the oil prices. Brent trading at $111.30 per barrel. Russian crude is trading at a discount, especially the Urals variety that loads from European ports. According to Neste, Urals is trading at $80.80 per barrel. However, the crude grades from Russia that loads from Asian ports are trading at higher levels. Sokol is trading at $97.64 per barrel, while ESPO is trading at $81.96 per barrel. Indian and Chinese buyers continue to purchase Russian crude, but still can't replace the previous volumes from Europe.
OIL is back below 100 USD/barrel.
Russia order to pay oil in RUB has been quite supportive of USDRUB in the short term, but I guess it will be useless to mantain the level in the long term.
WTI Crude is now trading at $103, with Brent Crude is almost surpassing $110 ($109 to be exact). While this fall in prices is better than nothing, it doesn't sound too promising, since oil has been extremely volatile the past few weeks, thus, this decrease might not actually mean accomplish anything (in terms of fuel prices which are unlikely to change at the gas pumps). Russia order to pay oil in RUB has been quite supportive of USDRUB in the short term, but I guess it will be useless to mantain the level in the long term.
If the war doesn't stop anytime soon, we'll be subject to see massive increases in fueling and energy costs.
OIL is back below 100 USD/barrel.
Russia order to pay oil in RUB has been quite supportive of USDRUB in the short term, but I guess it will be useless to mantain the level in the long term.
Russia order to pay oil in RUB has been quite supportive of USDRUB in the short term, but I guess it will be useless to mantain the level in the long term.
Right now Saudi Arabia is earning a net profit of close to $1 billion per day from their crude oil exports. They are one of the countries who are benefitting the most from the Russo-Ukrainian war. Russian exports are impacted by sanctions, but at the same time there is no significant dent in their oil revenue as a result of higher prices. The real victims of this game is the citizens of oil consuming nations, who are forced to pay 2x or even 3x prices for their gasoline and electricity. Here in India, the petrol prices have gone up by more than 10% in the last few days.
Russia's oil exports have been falling for the past few weeks, falling 26% in the week ended March 23. Putin has signed an order to begin accepting payments in rubles for oil transactions, which will be applied at the end of March for unfriendly countries. If European companies oppose this policy, world oil prices will continue to escalate in the coming days.
Looks like oil crude futures are pulling back from last weeks rally. It looked like it was going to go back to the $130 area and break ATH however we had a $10 loss in the last 24 hours.
Only report why it pulled back this much is due to the covid shutdowns in China. Since many cities are closing down it reduces demand for oil. So depending on how long this lasts oil might trades sideways for the next few weeks. However I don’t think we will see oil go lower than $100 again anytime soon.
Only report why it pulled back this much is due to the covid shutdowns in China. Since many cities are closing down it reduces demand for oil. So depending on how long this lasts oil might trades sideways for the next few weeks. However I don’t think we will see oil go lower than $100 again anytime soon.
Right now Saudi Arabia is earning a net profit of close to $1 billion per day from their crude oil exports. They are one of the countries who are benefitting the most from the Russo-Ukrainian war. Russian exports are impacted by sanctions, but at the same time there is no significant dent in their oil revenue as a result of higher prices. The real victims of this game is the citizens of oil consuming nations, who are forced to pay 2x or even 3x prices for their gasoline and electricity. Here in India, the petrol prices have gone up by more than 10% in the last few days.
I did a few searches regarding what you said and the price is rising as you already said this can be even higher and the reason is clear since Russia is supplying a big share of oil in Europe and these countries need Russia for their gas and oils the price started increasing in another hand these countries are trying to find another resource for supplying oil but this will take time and during this time of oil price if increasing sharply, can't be completely sure about it but 300 is not far at all.
Only time will tell, I believe that chances of a Russian embargo are extremely high, governments want to act like they're taking action against Russia, that's why they imposed sanctions, just for show. Even if the Russian production is eventually replaced by other countries such as Venezuela, it will cost higher than it was to import from Russia
In the aspect of Russia selling to other countries that are not EU I think it should be cheaper because they are supplying or producing more than demand. The number of countries that will buy now will be limited unlike when there was no sanctions and from economics, it is demand that will increase price, so the demand is not higher now for Russian Oil and gas. But if Venezuela is brought in to replace the supply of Russia, price can only be higher if they don't meet up with production while demand go up.
Despite the sanctions, Russia won't be affected the slightest bit, even if there's an embargo against their oil exports. There are plenty of other markets to channel their trades, hurting Europe in the long-term. India and China, being their largest importers, are also two superpowers in terms of financial strength, keeping Russia's economy intact.
Even if Europe imports oil from Venezuela or Iran, it will be more expensive and I said earlier, will hurt Europe (and its citizens) in the long-term.
Even if Europe imports oil from Venezuela or Iran, it will be more expensive and I said earlier, will hurt Europe (and its citizens) in the long-term.
I have said this before. It is stupid for the Europeans to boycott petroleum products from Russia. Russia is the closest source for crude oil and natural gas, as far as Europe is concerned. If they want to source these products from anywhere else, freight charges involved will be very significant. And honestly, Iran and Venezuela don't have spare capacity to replace Russian oil production. On top of that, the production in these two countries have been impacted by many years of sanctions and embargoes from the United States.
Despite the sanctions, Russia won't be affected the slightest bit, even if there's an embargo against their oil exports. There are plenty of other markets to channel their trades, hurting Europe in the long-term. India and China, being their largest importers, are also two superpowers in terms of financial strength, keeping Russia's economy intact.
Even if Europe imports oil from Venezuela or Iran, it will be more expensive and I said earlier, will hurt Europe (and its citizens) in the long-term.
Even if Europe imports oil from Venezuela or Iran, it will be more expensive and I said earlier, will hurt Europe (and its citizens) in the long-term.
I have said this before. It is stupid for the Europeans to boycott petroleum products from Russia. Russia is the closest source for crude oil and natural gas, as far as Europe is concerned. If they want to source these products from anywhere else, freight charges involved will be very significant. And honestly, Iran and Venezuela don't have spare capacity to replace Russian oil production. On top of that, the production in these two countries have been impacted by many years of sanctions and embargoes from the United States.
I heard a rumor that OPEC will go 300 USD / barrel this year ,what do you think ?
Not an expert on oil pricing, but to me 300 USD per barrel seems too much. Consumer would go crazy with such prices at the gas station. The oil price went from 70 USD in January to around 120 USD now, so it wasn't even a 100% increase yet. Going to 300 would mean 300% from January, it's too much. The problem I see the higher the price will go, the more pressure will be put on Opec to increase production which will bring prices down again. Also if the oil price will be long time above 200 USD it's very lucrative to go back and trade with Russia cheaply.
Despite the sanctions, Russia won't be affected the slightest bit, even if there's an embargo against their oil exports. There are plenty of other markets to channel their trades, hurting Europe in the long-term. India and China, being their largest importers, are also two superpowers in terms of financial strength, keeping Russia's economy intact.
Even if Europe imports oil from Venezuela or Iran, it will be more expensive and I said earlier, will hurt Europe (and its citizens) in the long-term.
Even if Europe imports oil from Venezuela or Iran, it will be more expensive and I said earlier, will hurt Europe (and its citizens) in the long-term.
I have said this before. It is stupid for the Europeans to boycott petroleum products from Russia. Russia is the closest source for crude oil and natural gas, as far as Europe is concerned. If they want to source these products from anywhere else, freight charges involved will be very significant. And honestly, Iran and Venezuela don't have spare capacity to replace Russian oil production. On top of that, the production in these two countries have been impacted by many years of sanctions and embargoes from the United States.
I've thought 200 dollars a barrel was going to happen sometime sooner or later anyway but removing Russia supply makes it quite reasonable. I dont know 300 is especially realistic beyond a spike but in any case the Russia oil will leak out somewhere just like Iraq oil did similar a long time ago, its not likely that we do not see the oil at all just that supply is restricted and done with reduced price for type probably. Certainly we are in a period of extended high price oil, not sure these higher price targets happen exactly eg. usa has alot of spare capacity etc.
Russian crude has once again hit triple digits, which means that they have found sufficient number of buyers from China, India and some of the other countries. Brent Crude is currently trading at $121 per barrel. The Russian crudes are trading at the following levels right now: Sokol at $104 per barrel, ESPO at $91 per barrel and Urals at $93 per barrel. There is still a discount of around 20% to 30% for the Russian crude, but there seems to be sufficient demand to keep the Russian treasury full. And even at a discount, the price of Russian crude is more than what it was before the invasion.
Despite the sanctions, Russia won't be affected the slightest bit, even if there's an embargo against their oil exports. There are plenty of other markets to channel their trades, hurting Europe in the long-term. India and China, being their largest importers, are also two superpowers in terms of financial strength, keeping Russia's economy intact.Even if Europe imports oil from Venezuela or Iran, it will be more expensive and I said earlier, will hurt Europe (and its citizens) in the long-term.
We all know that this kind of news is mainly the result of various sanctions centering on the war in Russia and Ukraine. Russia's oil embargo would significantly reduce global oil production and supply, leading to a sharp rise in oil demand. On the other hand, oil production is being disrupted due to the attacks of Huthi rebels on Saudi Arabia, one of the richest countries in the world. Such oil crises are also exacerbated by Western sanctions, including the United States, on a number of oil-rich countries, including Iran and Venezuela. On the other hand, since the modern world cannot be imagined without oil, such false information can be implemented as accurate.
I don't think crude oil will go as high as $300/barrel. Some nations that are friendly with Russia will start buying their energy at a discounted rate and this create some kind of price crisis in the market, ensuring it's not over priced.
Russian crude has once again hit triple digits, which means that they have found sufficient number of buyers from China, India and some of the other countries. Brent Crude is currently trading at $121 per barrel. The Russian crudes are trading at the following levels right now: Sokol at $104 per barrel, ESPO at $91 per barrel and Urals at $93 per barrel. There is still a discount of around 20% to 30% for the Russian crude, but there seems to be sufficient demand to keep the Russian treasury full. And even at a discount, the price of Russian crude is more than what it was before the invasion.
I heard a rumor that OPEC will go 300 USD / barrel this year ,what do you think ?
You had said it’s the rumour,so you need to worry then. The trade of barrels was already increased.But the price which you had mentioned was not the real one.So the trade of barrels happened with different price in different country.The county which was silent for the war and neutrality.The getting barrels at less then a old price,this is the move to increase the support towards them.
I'm also afraid of this scenario, there are rumors of that Europe was having discussion in order to ban Russian imports. It would be the worst case scenario, it would send oil to the moon. Europe is importing 3 million barrels per day, that's a huge number that can't be replaced if lost.
It won't send Oil price to the moon if Russia is cut off from selling to EU if OPEC do a proper arrangement to members for them to increase supply and moreover Russia will still continue to sell to Asian countries which will reduce the demand from Asian countries. So I think it will still be a win and lose situation for EU/NATO and Russia consecutively. All the effort is to stop Russia from continuous invasion. The Ukraine president still asking for more sanctions and that is the reason for this Oil embargo on Russia.
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