The group of major oil producers known as OPEC+ may keep its production plans in place even as crude prices trade at about their highest levels since 2008,...
The group of major oil producers known as OPEC+ may keep its production plans in place even as crude oil prices trade at about their highest levels since 2008, and the International Energy Agency warns that the world may soon lose three million barrels of Russian oil a day.
On Thursday, U.S. President Joe Biden announced the roll out of more sanctions against Russia, including measures against 48 large Russian state-owned enterprises that are part of that country’s defense-industrial base and produce weapons that have been used in the invasion. Russia’s oil exports affect “various geographies differently,” says Regina Mayor, KPMG global head of energy. For the U.S., there is “very minimal impact,” as Russian crude imports represent only 2% of supply. However, Europe is the most reliant on Russian imports, most notably for natural gas, she says. “It will be a challenge for the EU to switch quickly to other sources.”
Earlier this month, the Biden administration was looking to ease oil sanctions on Venezuela to help lower prices, The Wall Street Journal reported. There have also been talks between world powers and Iran to revive the 2015 nuclear deal, which would probably lead the U.S. to ease Iranian oil sanctions.
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