Russian Crude Continues To Flow Despite Harsh Sanctions

Despite the U.S.-led ban on importing Russian oil that some of Washington’s allies will also implement, Russian oil in significant volumes will continue to flow into various leading oil-importing countries, so adding to the overall global supply and affecting oil prices. In oil trading terms, then, it is erroneous to assume that all circa-11 million barrels per day (bpd) of Russian oil supply has somehow been removed from the global supply/demand matrix and that this will tighten that oil pricing matrix in favor of further gains. This was…