What happened this day was that US President Joe Biden announced a ban on imports of Russian oil, while the United Kingdom reported that it will gradually eliminate them until the end of the year.
The countries of the European Union, which receive from Russia approximately 40% of their gas imports and a quarter of their oil imports, chose to set the objective of reducing their imports of Russian gas by two thirds.
“The immediate impact was important,” Borjnar Tonhaugen commented in an analysis note. “It had been integrated in a certain way by the market,” said John Kilduff of investment advisory firm Again Capital.
“Neither the United States nor the United Kingdom import significant amounts of Russian crude or refined products,” he concluded.
For its part, the US Energy Information Agency (EIA) revised its production estimates in the United States for this year and next substantially upward on Tuesday, to 12.03 million barrels per day in 2022 and 12.99 million in 2023, in both cases above their already record 2019 levels.
Although production grows in the United States, Producers fear a strong increase in volumes, in the event that the market suffers a trend reversal.
Source: Ambito
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