With more oil on the market the oil price will do what? Have a good think and get back to me.
You are correct, refineries refine oil, they export refined products, refineries don't produce oil, oil fields do that, oil production remains unaffected.
The price of refined products will increase as they already have for Russians but the oil price will sink because there is more oil available because less of it is being refined.
I hope you’ve caught up now with this economics 101 class, you are welcome!
