Europe’s embargo on Russian crude oil imports comes into force in just one month’s time and will be a watershed moment for oil markets. There is little certainty over what the exact impact of the 5 December embargo will be, let alone regarding the impact of the G7’s accompanying planned price cap, but it could prove to be the most disruptive market development since the Covid-19 pandemic erupted in early 2020.
“There will be a major disruption. And this is going to dwarf anything that Opec has done in terms of their cuts,” Joe McMonigle, Secretary General of the International Energy Forum, told the Adipec conference in Abu Dhabi on 1 November. “If this happens, you’re looking at prices way above $100/B,” he adds. (CONTINUED - 1223 WORDS)
