The US, UK and EU are saying they don't need Russian oil and that this is an opportunity to develop alternatives.
Analysts, meanwhile, are warning that a ban on Russian oil would push prices even higher.Oilprice
"A boycott would put enormous pressure on oil and gas supply that has already felt the impact of increasing demand," analysts from CMC Markets said.
"Prices are likely to rise in the short term, with a move toward $150 a barrel not out of the question," the analysts also said, "Such a move will put further pressure on global economies, pushing inflation higher, leaving central banks debating how quickly rate hikes should be implemented."
Oil Prices Settle At $120 As Fears Of A Russian Crude Ban Remain
Irina Slav
https://oilprice.com/Energy/Crude-Oil/Oil-Prices-Settle-At-120-As-Fears-Of-A-Russian-Crude-Ban-Remain.html
4 comments:
Do you know who Sonya Savage is?
She's Alberta's Minister of Energy who's going to save your sorry asses after you all cancelled our pipeline.
A rail car can hold 700 barrels of oil. A unit train which is between 100 and 120 rail cars can supply 70,000 barrels of oil as the lower end. Ten unit trains a day can replace the Keystone XL pipeline.
In a tweet on Sunday, Alberta Premier Jason Kenney said that he would be joining Savage at the conference in Houston.
"We will be meeting with decision-makers to secure access to markets, attract job-creating investment to our province and argue for Canadian energy to displace Russian conflict oil," the tweet says.
Kenney called out President Biden's vetoing of the Keystone XL pipeline, saying that with his approval of the project Canada could provide "nearly 1 million barrels of day of responsibly produced energy," to the U.S.
Speaking of oil by rail, this in the news today:
Bill Ackman's Pershing Square takes new stake in CP Rail worth $280 million
Kamala Harris say it is time to make a 'transition' to green energy as she pushes electric cars and 'clean transit' with Pete Buttigieg while Americans face record gas prices
It’s Not Too Late to Approve Keystone XL, Alberta’s Premier Says
TC Energy Corp.’s Keystone XL crude pipeline could be built by the first quarter of next year if the Biden administration were to reverse its decision to cancel the project.
Construction of the controversial pipeline, which would have raised the capacity of Canada to export oil sands crude to the U.S. by almost 900,000 barrels a day, had already begun when the project was scrapped last year by U.S., Alberta Premier Jason Kenney said in a news conference. U.S. President Joe Biden canceled a key permit for Keystone XL on his first day in office over environmental concerns.
“We could turn this around in less than a year,” Kenney said.
Venezuela may be calling dibs.
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