Oil Prices Near $100
Why Russian Invasion Peril Is Driving Oil Prices Near $100
Russia plays an outsize role in global commodity markets. It exports about 5 million barrels a day of crude, roughly 12% of global trade, and around 2.5 million barrels a day of petroleum products, about 10% of global trade. About 60% of Russia’s oil exports go to Europe, and another 30% go to China.
The Organization of the Petroleum Exporting Countries and its allies including Russia has fallen short of its oil-production targets.They last year agreed to lift output by 400,000 barrels a day each month. But so far it is more than 1 million barrels a day shy of its target.
Most operational LNG facilities in the world’s largest exporters—the U.S., Qatar and Australia—are running at full capacity.
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