The reason why oil traded above $100 for much of 2022 is due to fears that it would be effectively withdrawn from global markets as a result of Western sanctions, slashing global oil supply by millions of barrels every day. While that did not pan out in the past year, with every passing day we are getting closer to testing the resolve of western leaders to make sales of Russian oil above $60 illegal. As Bloomberg reports, at a time when Russian oil exports are finally starting to decline, the price of Russian oil at one of its Western ports…
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