The principled position of Hungary became an obstacle to the imposition of an embargo on Russian oil supplies to the European Union, so the United States started talking about duties. At the same time, there is already a shortage of supply in the oil market, which, given the anti-Russian policy of the West, the lag in increasing production of OPEC countries and the upcoming car season, will only intensify. However, as stated in an interview with FAN FBA analytics experts “Economy Today”the States themselves decided to insure themselves at the expense of Venezuela.
The cost of oil prices is above $110 per barrel of Brent. According to analysts, the upcoming lifting of the lockdown in Shanghai is a positive factor, which will increase the demand for black gold. Also, the active attempts of the European Union to impose an embargo on Russian oil supplies also affect the cost. As long as Hungary resists such a decision, it acts as a deterrent. Therefore, the price, although high, has not reached a record mark.
“The United States announced yesterday that instead of an embargo, the European Union may impose duties on Russian oil to make its supplies unprofitable. Such a decision will also lead to a shortage of the resource in the European market,” the experts commented.
Oddly enough, the West proposes to introduce all these measures against Russia against the background of the fact that the OPEC + countries do not have enough capacity even to increase the planned oil production, there is a very strong backlog. And in the United States, the “car season” will start soon – during this period, fuel consumption increases significantly. All this is fraught with an even greater shortage of supply on the market and, as a result, even higher prices for black gold, experts explained. The states are well aware of this, so they even resumed negotiations with Venezuela, allowing their companies to obtain a license to develop deposits in this country.
“The United States is now trying in every possible way to increase oil production and reduce fuel prices, so they even take such a desperate step as negotiations with Venezuela. Even the possibility of partial lifting of sanctions on the oil industry of this country is being considered,” the experts said.
In the meantime, the actual range for oil remains $100-120 per barrel of Brent.