It’s All About Oil

It’s all about Oil today, as prices continue a path lower as governments across the globe find alternative sources of oil to mitigate the decreased supply from Russia. The European Commission, along with other G7 countries, will continue to cap Russian oil prices, which could lead to even lower Oil prices. But not only will the price caps relieve some pressure they will also somewhat diminish some economic firepower in the war with Ukraine.

The OPEC+ December fourth meeting was also highly topical yesterday as India’s Oil Minister, Hardeep Singh Puri, urged the OPEC+ alliance to consider the impact of their decision on the rest of the world. India’s Oil imports from Russia surged a staggering 23% in September, with Russia at the second spot after Iraq as India’s top supplier of the black liquid.