Possible EU Ban of Russian Imports Sends Oil Price Up.
London, Monday, 21 March 2022
On Monday, WTI crude futures extended their surge, rising more than 6% to $111 a barrel, amid rumours that several EU countries favour a ban on Russian oil imports.
According to Reuters, Baltic countries such as Lithuania desire an oil embargo, while Germany and Italy, which rely on Russian gas, are apprehensive of responding too quickly due to already high energy prices.
Meanwhile, the Ukraine crisis shows no signs of abating, with Ukraine defying Russian attacks and refusing to hand over Mariupol.
In addition, the Houthi group's strikes prompted a short drop in output at a Saudi Aramco facility.
As an already tight market braces for severe Russian disruption, OPEC+ failed its February production target by more than 1 million barrels per day.
(Written and edited by: The Decision Maker)