Forecast calls for a strong recovery in crude oil demand
Thanks mainly to China finally emerging from its Covid-19 lockdowns
Author: Rashid Husain Syed
Oil price cap costing Russia an estimated €160 million per day
But Russia is still taking in €640 million a day from the sale of fossil fuels
DOE expects further weakening in oil prices
DOE announcement to back away from any crude purchases for February is a warning sign
Oil price forecast for 2023 all over the map
The price of oil could end up anywhere between US$70 to US$121
Moscow launches opening salvo in defiance of oil price cap
Could reduce its daily oil output by as much as seven per cent over the next few weeks
Western sanctions on Russian oil beginning to bite
But at least in the short term, Moscow may be able to ride off the challenge