Russian oil: the US is considering the ban
Oil prices continue to rise, albeit less rapidly, due to reports that the White House is considering a ban on Russian crude.
By 3:01 pm ET, WTI crude oil was up $ 115.20 a barrel, up nearly 7% on the day and more than $ 20 on the week. Brent crude was trading at $ 117.70, up 6.58% over the day and up more than $ 19 over the week. There was an increase, but less than expected, also because the news was in the air.
On Thursday, the White House firmly rejected the idea of banning Russian imports of crude oil, pointing out that this could cause oil and gasoline prices to rise more than they already did. But US congressmen are pushing for a total ban, including President Nancy Pelosi (D-Calif.).
On the other hand, White House Press Secretary Jen Psaki downplayed the role played by Russian crude oil in the United States, adding that it represents only 10% of the total crude oil imported from the United States.
Then the situation evolved. The Biden administration is said to be now examining what can be done in the short term to offset Russian crude oil if that decision is made, White House Council of Economic Advisers Cecilia Rouse said Friday.
"We are considering a number of options, but what is truly essential is maintaining a constant global energy supply," Rouse said at a news conference.
According to the Energy Information Administration's latest monthly data, the United States imported 12.5 million barrels, or 405,000 barrels per day, of Russian crude oil and crude petroleum products in December. For pure Russian crude, the United States imported 90,000 bpd.
From a commercial point of view, the ban on Russian oil in the US would not be a big blow. Instead it would be for the EU;
Much would depend on which alternative sources could be activated, from Libya to Iran to the US of Shale oil itself.
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The article Russian oil: the US is evaluating the call comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/petrolio-russo-gli-usa-stanno-valutando-il-bando/ on Sat, 05 Mar 2022 07:00:20 +0000.