– Oil Prices Are Primed To Spike This Winter:
Less than a month from now, an embargo on seaborne Russian crude oil exports to the European Union will come into effect. As a result, global oil supply is set to tighten considerably as Russia is the biggest oil and fuels exporter in the world. And the market is preparing.
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“Europe’s going to pay whatever these producers ask, and it’s going to be very, very high,” Benedict George, head of diesel pricing at Argus Media, told the WSJ.
“If something unexpected happens, the price will go very high, very quickly because no one has anything to fall back on.”
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