Oil: How the EU manages to hurt itself with ads
WTI crude oil futures jumped 3% to $ 108 a barrel on Monday, extending gains for a third straight session as the conflict in Ukraine showed little sign of easing as major oil producers struggled to reach allotted quotas. under a supply agreement. We wrote in a previous article about the difficulties of the oil cartel in reaching the target quotas, mainly due to inefficiencies, theft and corruption in Angola and Nigeria. Prices rose after Ukraine said earlier Monday that the country's forces would not give up in the city of Mariupol, with investor attention focused on the market's possibility of replacing Russian oil in Europe in the face. of any further sanctions. 
Meanwhile, OPEC + missed its production target of more than 1 million barrels per day in February as an already tense market prepares for Russia's severe disruption. The IEA said last week that the oil market is pricing in a supply deficit of 700,000 bpd in the second quarter as Western sanctions on Moscow and reluctance from buyers could lead to Russian oil supplies falling by 3 million bpd from. April. The problem is simple: it was leaked that this Friday, in the meeting of European countries with American President Biden, the blocking of the Russian oil trade could be decided, driven by public requests from Poland and the Baltic Republics. An alternative solution to the even more drastic one of blocking the gas, but, common, opposed by several European countries that would find themselves in difficulty, without forgetting that the French Total is still active in Russia. Meanwhile the rumors send the price of oil into orbit and thus enrich Putin even more. Incredible how the boca laga of EU officials manages to do colossal damage to the EU itself –
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The article Petrolio: How the EU manages to get hurt with the ads comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/petrolio-come-la-ue-riesce-a-farsi-male-con-gli-annunci/ on Mon, 21 Mar 2022 10:00:02 +0000.