I heard a rumor that OPEC will go 300 USD / barrel this year

[palle11]

Only time will tell, I believe that chances of a Russian embargo are extremely high, governments want to act like they're taking action against Russia, that's why they imposed sanctions, just for show. Even if the Russian production is eventually replaced by other countries such as Venezuela, it will cost higher than it was to import from Russia

In the aspect of Russia selling to other countries that are not EU I think it should be cheaper because they are supplying or producing more than demand. The number of countries that will buy now will be limited unlike when there was no sanctions and from economics, it is demand that will increase price, so the demand is not higher now for Russian Oil and gas. But if Venezuela is brought in to replace the supply of Russia, price can only be higher if they don't meet up with production while demand go up.

[Leviathan.007]

I did a few searches regarding what you said and the price is rising as you already said this can be even higher and the reason is clear since Russia is supplying a big share of oil in Europe and these countries need Russia for their gas and oils the price started increasing in another hand these countries are trying to find another resource for supplying oil but this will take time and during this time of oil price if increasing sharply, can't be completely sure about it but 300 is not far at all.

[Sithara007]

Right now Saudi Arabia is earning a net profit of close to $1 billion per day from their crude oil exports. They are one of the countries who are benefitting the most from the Russo-Ukrainian war. Russian exports are impacted by sanctions, but at the same time there is no significant dent in their oil revenue as a result of higher prices. The real victims of this game is the citizens of oil consuming nations, who are forced to pay 2x or even 3x prices for their gasoline and electricity. Here in India, the petrol prices have gone up by more than 10% in the last few days.

[adaseb]

Looks like oil crude futures are pulling back from last weeks rally. It looked like it was going to go back to the $130 area and break ATH however we had a $10 loss in the last 24 hours.

Only report why it pulled back this much is due to the covid shutdowns in China. Since many cities are closing down it reduces demand for oil. So depending on how long this lasts oil might trades sideways for the next few weeks. However I don’t think we will see oil go lower than $100 again anytime soon.

[Tony116]

Right now Saudi Arabia is earning a net profit of close to $1 billion per day from their crude oil exports. They are one of the countries who are benefitting the most from the Russo-Ukrainian war. Russian exports are impacted by sanctions, but at the same time there is no significant dent in their oil revenue as a result of higher prices. The real victims of this game is the citizens of oil consuming nations, who are forced to pay 2x or even 3x prices for their gasoline and electricity. Here in India, the petrol prices have gone up by more than 10% in the last few days.

Russia's oil exports have been falling for the past few weeks, falling 26% in the week ended March 23. Putin has signed an order to begin accepting payments in rubles for oil transactions, which will be applied at the end of March for unfriendly countries. If European companies oppose this policy, world oil prices will continue to escalate in the coming days.

[fillippone]

OIL is back below 100 USD/barrel.
Russia order to pay oil in RUB has been quite supportive of USDRUB in the short term, but I guess it will be useless to mantain the level in the long term.

[Ultegra134]

OIL is back below 100 USD/barrel.
Russia order to pay oil in RUB has been quite supportive of USDRUB in the short term, but I guess it will be useless to mantain the level in the long term.

WTI Crude is now trading at $103, with Brent Crude is almost surpassing $110 ($109 to be exact). While this fall in prices is better than nothing, it doesn't sound too promising, since oil has been extremely volatile the past few weeks, thus, this decrease might not actually mean accomplish anything (in terms of fuel prices which are unlikely to change at the gas pumps).

If the war doesn't stop anytime soon, we'll be subject to see massive increases in fueling and energy costs.

[Sithara007]

OIL is back below 100 USD/barrel.
Russia order to pay oil in RUB has been quite supportive of USDRUB in the short term, but I guess it will be useless to mantain the level in the long term.

WTI Crude is now trading at $103, with Brent Crude is almost surpassing $110 ($109 to be exact). While this fall in prices is better than nothing, it doesn't sound too promising, since oil has been extremely volatile the past few weeks, thus, this decrease might not actually mean accomplish anything (in terms of fuel prices which are unlikely to change at the gas pumps).

If the war doesn't stop anytime soon, we'll be subject to see massive increases in fueling and energy costs.

Yeah.. just checked the oil prices. Brent trading at $111.30 per barrel. Russian crude is trading at a discount, especially the Urals variety that loads from European ports. According to Neste, Urals is trading at $80.80 per barrel. However, the crude grades from Russia that loads from Asian ports are trading at higher levels. Sokol is trading at $97.64 per barrel, while ESPO is trading at $81.96 per barrel. Indian and Chinese buyers continue to purchase Russian crude, but still can't replace the previous volumes from Europe.

[Joshapat]

The issue that the price of oil will continue to rise I have often heard, and this year the price has reached $100 per barrel, with stocks becoming increasingly difficult but demand continues to increase so prices will continue to rise, especially when there is a war between Russia vs. oil stock in case something bad happens.

[wxa7115]

I heard a rumor that OPEC will go 300 USD / barrel this year ,what do you think ?

When it comes to rumors the most important thing we need to know is the source of those rumors, if we were talking about a leader of a country which is an important producer of oil then we may give some weight to the rumor and ponder about how likely it is we come close to that price and what will be the consequences of it?

However, if the source is just something that we read online without anything to backup the story, then I do not see the reason to give it any importance at all and we must disregard it as just another case of fake news.

[Oilacris]

I heard a rumor that OPEC will go 300 USD / barrel this year ,what do you think ?

When it comes to rumors the most important thing we need to know is the source of those rumors, if we were talking about a leader of a country which is an important producer of oil then we may give some weight to the rumor and ponder about how likely it is we come close to that price and what will be the consequences of it?

However, if the source is just something that we read online without anything to backup the story, then I do not see the reason to give it any importance at all and we must disregard it as just another case of fake news.

Fake news could be everywhere and anywhere which isnt something that could be seen online but also into traditional mediums that we do have thats why verifying it first would be always the key

whether you do believe it or not because it could neither be the truth or simply fake which it is important to have these considerations.Speaking of barrel reaching 300 USD then if particular
sentiments and crisis do even more tense or becomes more severe then we could possibly hit up but considering on how many countries does produce oil (not only Russia)
then i doubt that we would be seeing these numbers.

[nur rochid]

I heard a rumor that OPEC will go 300 USD / barrel this year ,what do you think ?

When it comes to rumors the most important thing we need to know is the source of those rumors, if we were talking about a leader of a country which is an important producer of oil then we may give some weight to the rumor and ponder about how likely it is we come close to that price and what will be the consequences of it?

However, if the source is just something that we read online without anything to backup the story, then I do not see the reason to give it any importance at all and we must disregard it as just another case of fake news.

Fake news could be everywhere and anywhere which isnt something that could be seen online but also into traditional mediums that we do have thats why verifying it first would be always the key

whether you do believe it or not because it could neither be the truth or simply fake which it is important to have these considerations.Speaking of barrel reaching 300 USD then if particular
sentiments and crisis do even more tense or becomes more severe then we could possibly hit up but considering on how many countries does produce oil (not only Russia)
then i doubt that we would be seeing these numbers.

indeed the need for oil from Russia is an important part for European countries to meet their needs for oil. and they are looking for alternative supplies other than russia, because of the sanctions imposed on russia as a result of the invasion of ukraine, but so far like germany, i see on television news starting to have trouble with oil, and if this continues and even spreads, it could be it happened. but as you said where it is not only russia that produces oil, then there may be an increase in prices but not to that extent, this is of course related to distribution from other more distant places

[Sithara007]

The European countries are openly threatening sanctions and making statements about destroying the Russian market for petroleum and natural gas. And then they expect Russia to sit back and watch. Didn't worked out that well. Russia has issued an ultimatum to Germany (which receives more than 50% of its gas from Russia) to make payments for natural gas in Rubles. If the payments are not made, then the shipment of natural gas will be suspended and most of the industries in Germany will be shut down. Replacing all that gas from other sources is not viable for two reasons - first they don't have enough LNG terminals, and secondly there is not enough spare capacity from the other countries.

[DrBeer]

I heard a rumor that OPEC will go 300 USD / barrel this year ,what do you think ?

For one country, the country of the world terrorist, such a "price tag" of course would be very useful. And now there will be a huge amount of stuffing in the media, with similar materials and announcements, the purpose of which is to create and maintain "stress" in the market. The goal is an attempt to increase the price and demand for oil products, with a drop in sales and demand for Russian oil, which is a key supplier of funds to the budget of a terrorist country that is losing billions of dollars to wage an aggressive war in Ukraine. They need to maintain their resource economy in order to carry out the crazy ideas of the Kremlin's under-fuhrer. Without high oil prices - these plans will not come true, without filling the budget - an uprising of the population of Russia itself is not ruled out, without the receipt of money - the very existence of this fascist government is in question.

[Gozie51]

The European countries are openly threatening sanctions and making statements about destroying the Russian market for petroleum and natural gas. And then they expect Russia to sit back and watch. Didn't worked out that well. Russia has issued an ultimatum to Germany (which receives more than 50% of its gas from Russia) to make payments for natural gas in Rubles. If the payments are not made, then the shipment of natural gas will be suspended and most of the industries in Germany will be shut down. Replacing all that gas from other sources is not viable for two reasons - first they don't have enough LNG terminals, and secondly there is not enough spare capacity from the other countries.

If Russia is now asking Germany to make payment of gas shipment in rubies that means Russia is threatening Germany and EU because of her large gas reserve. This is probably the reason Russia is flexing military muscle against Ukraine with the understanding that they have resources and need that EU countries won't afford to resist in a haste. Looking for alternative is the best for eu.

[Sithara007]

If Russia is now asking Germany to make payment of gas shipment in rubies that means Russia is threatening Germany and EU because of her large gas reserve. This is probably the reason Russia is flexing military muscle against Ukraine with the understanding that they have resources and need that EU countries won't afford to resist in a haste. Looking for alternative is the best for eu.

LOL... who is threatening whom? It was Germany who imposed sanctions on Russia. First they are sanctioning the payments in EUR and USD. And when Russia ask for payments in RUR instead (in order to bypass the sanctions), they are refusing to adhere. Looking for alternatives may work well in an ideal scenario. But the problem is that, none of the "alternate" suppliers (including the United States) have enough spare capacity to replace even 20% of the Russian supply. Germany and Austria have already announced gas rationing plans. I guess such plans will remain in place for at least the next 5 years.

[adaseb]

So oil had a bearish day again today. Basically Biden announced a plan to provide around 1 million of barrels of oil from the reserves. And the market took it seriously and had a big dump. Trading only above $100 now.

Along with the Shanghai covid closures and this it was enough to bring oil down 15%. It seems to be more volatile than Bitcoin even.

I think it’s an over reaction and in a weeks time it will go back up.

[chrisculanag]

So oil had a bearish day again today. Basically Biden announced a plan to provide around 1 million of barrels of oil from the reserves. And the market took it seriously and had a big dump. Trading only above $100 now.

Along with the Shanghai covid closures and this it was enough to bring oil down 15%. It seems to be more volatile than Bitcoin even.

I think it’s an over reaction and in a weeks time it will go back up.

I think there are more changes coming about the price of the oil because of Biden moves. It's because this that's why market is going down but we know this is for a short time only and maybe the market go back to normal soon.

Oil it's very important to us , if they are more supply the demand can be going down. That's why oil is can volatile than Bitcoin this time.

If they are more countries focus in this happen , some changes will happen. We don't know if they are good or bad.

[Pejoh Asu]

Rumors that the price of oil must rise is an old thing that I often hear, of course OPEC hopes to regulate prices with supply and now many OPEC countries are leaving because they can't produce anymore, and this is a sign that a lot of oil is getting more difficult, I'm sure oil prices will continue The increase is not because of OPEC's appeal but the world's demand for oil continues to increase, the USA has announced that oil demand reaches more than 15% of world production so that oil prices will continue to rise.

[Sithara007]

Rumors that the price of oil must rise is an old thing that I often hear, of course OPEC hopes to regulate prices with supply and now many OPEC countries are leaving because they can't produce anymore, and this is a sign that a lot of oil is getting more difficult, I'm sure oil prices will continue The increase is not because of OPEC's appeal but the world's demand for oil continues to increase, the USA has announced that oil demand reaches more than 15% of world production so that oil prices will continue to rise.

Irrespective of whatever statements they make, the OPEC bloc has no real reason to accept lower prices for oil. Right now countries such as Saudi Arabia are benefitting from this situation in two ways - first of all they can sell increasing amounts of oil, due to the embargo on exports from Russia. And then, they are getting more $$$ for each barrel of oil that they export. Because of stupid policies from the Biden administration, it is the ordinary people from countries like India and Russia who are suffering.