(Finance) – Back to racing oil, which returns to the highs reached recently as a result of the embargo on Russian oil, announced by the United States and the United Kingdom. Oil, which in recent days had even touched 140 dollars, remains very close to those peaks, with the Brent of the North Sea that exchanges this morning a $ 130.36, up 1.86% compared to the eve. American crude oil Light crude oil it rises by 1.61% to 125.69 dollars per barrel.
It is the effect ofembargo announced yesterday by the United States and the United Kingdom, which will ban imports of Russian oil and gas. “We ban all imports of Russian oil, with the full support of Congress,” announced the US President Joe Biden.
“By hitting the major artery of the Russian economy, the American people will give another powerful blow to Putin’s war machine”, added the US leader, also citing the collapse of the ruble which “is now worth less than a penny”, and other sanctions, which have already “caused heavy damage to the Russian economy”.
For the United States the Russian crude represents just the 3% of oil imports, equal to about 700 thousand barrels a day, a share that rises to around 8% including petroleum derivatives. For the UKon the other hand, supplies from Russia represent a share of 12-13% of oil imports and 8% of final consumption.
Meanwhile, Germany intervened by appealing “urgently” to OPEC to increase the supply of crude oil. An attempt – explained the German Economy Minister Robert Habeck – of “ease” the tension downloaded on market prices. Addressing the “powerful exporting countries, led by Saudi Arabia”, the German minister urged the cartel to increase crude oil production more decisively, given the tense situation.
Just last week, the Opec +of which Russia is also a part, had confirmed a minimal increase in output of 400 thousand barrelsconfirming the strategy outlined at the end of the pandemic crisis, which does not include the effects of the Russia-Ukraine conflict.
That’s why the IEA last week announced the release of its strategic stocks of 60 million barrels and said it is “ready for anything” to reduce volatility in energy markets.
(Photo: © Artem Egoro / 123RF)