Russis is selling all of its oil and more

Friday, 6 May 2022

JPM with the data. It also expects Russian output to fall ahead as European bans advance and a tanker shortage means it can’t ship all of this displaced oil to China and India. I personally think thank the global economy will be reeling in recession before then but, if not, it sure will be shortly afterward!

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Oil prices are searching for equilibrium, stuck in a tight range between $100/bbl and $110/bbl, as weakness in global oil demand and SPR releases even out growing expectations that Europe may agree to curb oil purchases from Russia.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.