Oil prices surged Sunday night, hitting $139 per barrel on word that western allies were moving toward a ban on imports of Russian oil
It’s likely any official U.S. ban on imports would need support of Congress. On Friday, House Speaker Nancy Pelosi expressed her support.
Many typical buyers of Russian oil have already gone on strike. Shell bought a cargo of Russian oil late last week,of nearly $30/bbl – then the oil giant spent the weekend defending itself. Already diplomats are desperately scouring the globe looking for replacements to Russia’s 8 million bpd of exports – 5.5 million of which go to wealthy nations.
The Biden administration has reached out to the Maduro regime in Venezuela – a Russian client state – seeking to rebuild a diplomatic relationship, and beg for more oil, while Moscow is distracted. Senator Marco Rubio tweeted his disapproval that the “Biden Admin thinking they are going to pull Venezuela away from Russia by reaching out to the Maduro regime is a reminder that many of our so called career ‘foreign policy experts’ are stupid people.”
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