As gas prices continue to rise, some Chicago residents say they may have to make adjustments to their travel routines.
Most of Russia’s oil goes to Europe and Asia. But the key here is to think about the oil supply globally, rather than the U.S. specifically. The commodities world is a heavily interconnected one, and oil is priced through a global market. So what happens in one area of the world can affect another.
For example, if Europe buys less Russian oil, it will have to replace it with oil from somewhere else — perhaps from the powerful Saudi Arabia-led Organization of the Petroleum Exporting Countries. That increase in demand for OPEC oil will send its crude prices higher. And guess who else buys hundreds of millions of barrels of OPEC oil?At first the West, including the U.S., exempted Russian oil and natural gas from the sanctions they levied.
As a result, the main type of oil that Russia exports into Europe is being offered for sale at a major discount because nobody wants it. JPMorgan recently estimated more than 4 million barrels per day of Russian oil has been effectively sidelined. Guess who’s part of OPEC+? Russia. So yeah, OPEC+ isn’t rushing to the rescue. The Saudis have made crystal clear for months, even before the invasion, that the group doesn’t plan to open up the oil taps anytime soon.
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