{"id":62987,"date":"2022-06-30T06:38:50","date_gmt":"2022-06-30T11:38:50","guid":{"rendered":"https:\/\/olduvai.ca\/?p=62987"},"modified":"2022-06-30T06:38:50","modified_gmt":"2022-06-30T11:38:50","slug":"oil-likely-to-hit-200-seb-group","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=62987","title":{"rendered":"Oil Likely To Hit $200: SEB Group"},"content":{"rendered":"

Oil Likely To Hit $200: SEB Group<\/a><\/h3>\n
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Oil prices are likely to soar past $200 per barrel if G7 manages to cap the price of Russian crude oil, according to chief commodities analyst at Swedish bank SEB Group.<\/p>\n

Bjarne Schieldrop, SEB analyst, said on Wednesday in no uncertain terms that the G7\u2019s price capping proposal was a \u201crecipe for disaster\u201d given the current stress that the oil market is under.<\/p>\n

The G7 leaders agreed on Tuesday to study ways to cap the price of Russian oil sold internationally and are seeking support among “like-minded” nations. It was one of the critical items to be discussed at this week\u2019s G7 meeting as the group tries to find creative ways to lower energy prices for themselves and maintain adequate crude supplies from Russia\u2014while simultaneously punishing Russia in what many see as an impossible task.<\/p>\n

U.S. Treasury Secretary Janet Yellen continued to put pressure on European countries to support a price cap.<\/p>\n

According to Schieldrop, the plan seems \u201cneat on paper, but it sounds like a recipe for disaster right now,\u201d given the strong demand for crude oil and low supplies that so far given Russia the upper hand in the market. Russia could, the analyst argued, choose not to sell the oil at a capped price\u2014a decision that could lead to Russia\u2019s production falling by as much as 2 million barrels per day.<\/p>\n

Russia\u2019s crude and condensate production rose in June by 5% to 10.7 million bpd, according to Kommersant sources\u2014a figure that includes between 800,000 and 900,000 bpd of condensate, which is not included in the OPEC+ agreement. But Russia\u2019s oil exports have slipped 3.3% in June with the rise of domestic refining demand.<\/p>\n

Russian Deputy Prime Minister Alexander Novak said that Russia would raise its production again in July.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Oil Likely To Hit $200: SEB Group Oil prices are likely to soar past $200 per barrel if G7 manages to cap the price of Russian crude oil, according to chief commodities analyst at Swedish bank SEB Group. Bjarne Schieldrop, SEB analyst, said on Wednesday in no uncertain terms that the G7\u2019s price capping proposal […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[4349,11731,592,5332,32962,694,32994],"class_list":["post-62987","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-g7","tag-julianne-geiger","tag-oil-price","tag-oilprice-com","tag-price-cap","tag-russia","tag-seb-group"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62987","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=62987"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62987\/revisions"}],"predecessor-version":[{"id":62988,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62987\/revisions\/62988"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}