BESSENT: WOULD SUPPORT SANCTIONING RUSSIAN OIL MAJORS
Russia is 12% of global supply.
RBC writes…..
OPEC Poised to Stay the Course on Production Despite US Sanctions on Russia
There are reports out today that Chinese and Indian buyers are seeking up to 750 kb/d ofadditional crude supplies following last week’s White House sanctions decision, which is set todisrupt around 1.4 mb/d of Russian seaborne crude exports.
However, based on ourconversations on the sidelines of the Future Minerals Forum in Riyadh, OPEC seemingly has noappetite to abrogate the collective production agreement and put additional barrels on themarket to compensate for a supply shortfall resulting from White House Policy.
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PB
KAR Price at posting:
$1.50 Sentiment: Buy Disclosure: Held
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