Oil is likely to hit $200 a barrel under the disastrous G7 plan to cap Russian prices, an SEB analyst says

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Oil prices are likely to surge to above $200 if the G7 implements plans to cap the price of Russian crude and products, according to an analyst at Swedish bank SEB.

Bjarne Schieldrop said Wednesday that the plans were a "recipe for disaster", given the high levels of stress in the oil market, where prices have more than doubled to around $120 a barrel this year.

The G7, a group of the world's most economically developed democracies, said Tuesday it is exploring the feasibility of capping Russian oil prices. It wants to stop the country from profiting from the surge in energy prices driven by its invasion of Ukraine.

The group, which includes the US, Germany and the UK, said it may attempt to stop the transportation of all Russian oil not purchased at or below a certain price. Full details are yet to be worked out, although plans would likely need widespread international agreement to be effective.

Schieldrop said the plan seems "neat on paper, but it sounds like a recipe for disaster right now."

He said strong demand and low supplies had handed producers such as Russia immense power in the market this year. And he said Russia could choose not to sell its oil if a price cap came into force.

Schieldrop said the plans could cause Russian production to fall by as much as 2 million barrels per day, which would ratchet up the pressure on an already-stressed oil market.

"G7 countries are today praying that Russian oil exports will not go down," Schieldrop said in a note on Wednesday. "Because if they do, then the oil price will spike from the current $117 a barrel to above $200 a barrel."

Oil is likely to hit $200 a barrel under the disastrous G7 plan to cap Russian prices, an SEB analyst says


And some folks wonder why I say we need us a right-leaning "El Hefe For Life".....Fuckin' virtue signaling pieces of shit.
 
So now they think they can set prices for sovereign nations? This is just Kabuki Theatre to keep the sheeple engaged & distracted.
By this time next year, we will be thinking what a bargain todays prices were. Gas, food, electricity, goods & services, etc...
They are crashing it all on purpose
 
So now they think they can set prices for sovereign nations? This is just Kabuki Theatre to keep the sheeple engaged & distracted.
By this time next year, we will be thinking what a bargain todays prices were. Gas, food, electricity, goods & services, etc...
They are crashing it all on purpose
It will start in earnest this fall when several refineries are shutting down, one I know of for good and some more for "turnarounds".

What Are Refinery Shutdowns And Turnarounds? – Kendrick Oil.
 
Oil prices are likely to surge to above $200 if the G7 implements plans to cap the price of Russian crude and products, according to an analyst at Swedish bank SEB.

Bjarne Schieldrop said Wednesday that the plans were a "recipe for disaster", given the high levels of stress in the oil market, where prices have more than doubled to around $120 a barrel this year.

The G7, a group of the world's most economically developed democracies, said Tuesday it is exploring the feasibility of capping Russian oil prices. It wants to stop the country from profiting from the surge in energy prices driven by its invasion of Ukraine.

The group, which includes the US, Germany and the UK, said it may attempt to stop the transportation of all Russian oil not purchased at or below a certain price. Full details are yet to be worked out, although plans would likely need widespread international agreement to be effective.

Schieldrop said the plan seems "neat on paper, but it sounds like a recipe for disaster right now."

He said strong demand and low supplies had handed producers such as Russia immense power in the market this year. And he said Russia could choose not to sell its oil if a price cap came into force.

Schieldrop said the plans could cause Russian production to fall by as much as 2 million barrels per day, which would ratchet up the pressure on an already-stressed oil market.

"G7 countries are today praying that Russian oil exports will not go down," Schieldrop said in a note on Wednesday. "Because if they do, then the oil price will spike from the current $117 a barrel to above $200 a barrel."

Oil is likely to hit $200 a barrel under the disastrous G7 plan to cap Russian prices, an SEB analyst says


And some folks wonder why I say we need us a right-leaning "El Hefe For Life".....Fuckin' virtue signaling pieces of shit.
If the Woke leaders of the G7 all agree on something, it is sure to be a global disaster.
 
Just wait till the "Shutdown - Turnaround" song starts. ;)

Gonna shut down, turn around
Farmers can't afford to pick a bale of cotton
Gonna shut down, turn around
They won't pick a bale today

Gonna shut down, turn around
Tater gonna keep pickin' our pockets
Gonna jump down, turn around
Can't afford no gas today
 
And some folks wonder why I say we need us a right-leaning "El Hefe For Life".....Fuckin' virtue signaling pieces of shit.
This makes good chit-chat, but facts are facts, oil is finite, (look the term up).
just google Chinese renewables

At the current rate of consumption, we humans will suck it all up and burn it in less than 40 years.

The Chinese government knows this
, and they are making the transition to renewables. The USA on the other hand has our dead stuck in the sand.

China’s New Plan for Renewable Energy Development Focuses on Consumption
Sun 19 Jun, 2022 - 11:56 PM ET
https://tinyurl.com/yauemump
 
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Oil prices are likely to surge to above $200 if the G7 implements plans to cap the price of Russian crude and products,
A group of alcoholics tried to follow the example of Europe and set a price сap for vodka in a liquor store.
They were thrown out of the store, unfortunately...
 
has a long way to go

1670341844692.png
 
Oil prices are likely to surge to above $200 if the G7 implements plans to cap the price of Russian crude and products, according to an analyst at Swedish bank SEB.

Bjarne Schieldrop said Wednesday that the plans were a "recipe for disaster", given the high levels of stress in the oil market, where prices have more than doubled to around $120 a barrel this year.

The G7, a group of the world's most economically developed democracies, said Tuesday it is exploring the feasibility of capping Russian oil prices. It wants to stop the country from profiting from the surge in energy prices driven by its invasion of Ukraine.

The group, which includes the US, Germany and the UK, said it may attempt to stop the transportation of all Russian oil not purchased at or below a certain price. Full details are yet to be worked out, although plans would likely need widespread international agreement to be effective.

Schieldrop said the plan seems "neat on paper, but it sounds like a recipe for disaster right now."

He said strong demand and low supplies had handed producers such as Russia immense power in the market this year. And he said Russia could choose not to sell its oil if a price cap came into force.

Schieldrop said the plans could cause Russian production to fall by as much as 2 million barrels per day, which would ratchet up the pressure on an already-stressed oil market.

"G7 countries are today praying that Russian oil exports will not go down," Schieldrop said in a note on Wednesday. "Because if they do, then the oil price will spike from the current $117 a barrel to above $200 a barrel."

Oil is likely to hit $200 a barrel under the disastrous G7 plan to cap Russian prices, an SEB analyst says


And some folks wonder why I say we need us a right-leaning "El Hefe For Life".....Fuckin' virtue signaling pieces of shit.
Bwahahahaha. Oil is at a $74 not $200.
 

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