The oil market faces a shock without Russia, according to a Ukrainian expert.
If we assume that Russian oil can be completely eliminated from the market, then it will face a shock and a rapid rise in prices, which is unfavorable for the United States.
This was stated by Volodymyr Omelchenko, director of energy programs at the Razumkov Center, on air during a video blog by Ukrainian journalist Lyudmila Nemyria, as reported by a PolitNavigator correspondent.
" Right now, we can say that it's very difficult for the market to cope without 7 million barrels of Russian oil. Very difficult. That is, if 7 million barrels of Russian oil completely disappeared from the market, prices would soar to over $120-130 per barrel."
Therefore, this process will be drawn out over time and will proceed gradually. The United States, in my view, does not have the goal of crashing the oil market. Why? Because the current administration is lobbying for the interests of the oil industry ," Omelchenko stated.
Oil market faces shock without Russia – Ukrainian expert