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Past 2 months price action for WTI crude suggests more upside:[ATTACH=full]142338[/ATTACH]EU's negotiations with member countries on Russian oil supply have not been resolved. However, if ship-based oil movements are sanctioned then there goes two thirds of its production.As noted in another thread, oil field service companies have left Russia to their own devices, so the certainty we are left with is that their oil production is going to decline.Elsewhere OPEC+ members are set to meet again - Wednesday - and the smart money is they will do very little:"Despite continued requests from consumer states to add more oil, Opec-plus is expected to keep production policy unchanged this week, according to delegates, meaning the group will likely agree to a further easing of the cuts by 430,000 b/d.
Past 2 months price action for WTI crude suggests more upside:
[ATTACH=full]142338[/ATTACH]
EU's negotiations with member countries on Russian oil supply have not been resolved. However, if ship-based oil movements are sanctioned then there goes two thirds of its production.
As noted in another thread, oil field service companies have left Russia to their own devices, so the certainty we are left with is that their oil production is going to decline.
Elsewhere OPEC+ members are set to meet again - Wednesday - and the smart money is they will do very little:
"Despite continued requests from consumer states to add more oil, Opec-plus is expected to keep production policy unchanged this week, according to delegates, meaning the group will likely agree to a further easing of the cuts by 430,000 b/d.
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