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Oil rises 25 percent if Russian production is blocked

2022-05-29 16:30:27Biznes SHKRUAR NGA REDAKSIA VOX

Oil rises 25 percent if Russian production is blocked

The global brent crude oil standard could rise above $150 per barrel if there is a sharp contraction in Russian oil exports, Global Research Bank of America said Friday.

Oil prices rose after the Russian invasion of Ukraine, which Moscow calls a "special operation" and is currently just below the $120 per barrel level.

"With our $120/barrel Brent target now on the horizon, we believe a sharp contraction in Russian oil exports could push it beyond $150/barrel," the bank said in a research note.

The European Commission has proposed an oil embargo on Russia, although talks have failed to produce progress so far, with Hungary vetoing the move.

BofA forecasts Brent prices averaging $104.48/barrel in 2022 and $100/barrel in 2023.

Analysts do not anticipate a recovery in oil demand to pre-COVID levels in 2022, because supply problems continue.

"A $30/barrel increase in supply-led oil prices this year cut 1.5 million barrels per day from demand, preventing a recovery in pre-COVID levels," the bank's analysts said.


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