They are also more desperate. US oil needs the price to stay above 50$/barrel, and the price of WTI, currently at about 72, has been in decline for the last 3 years, trending downwards. These are desperate plees for help from an industry backed into a corner.
Ukraine cutting off Russian oil has helped with that a bit. I’d say it could start a trend if western oil companies had enough influence they could also shut down Russian exports to India or their ghost fleet to help support prices. But I seriously doubt Putin will let Trump do that.
They are also more desperate. US oil needs the price to stay above 50$/barrel, and the price of WTI, currently at about 72, has been in decline for the last 3 years, trending downwards. These are desperate plees for help from an industry backed into a corner.
Ukraine cutting off Russian oil has helped with that a bit. I’d say it could start a trend if western oil companies had enough influence they could also shut down Russian exports to India or their ghost fleet to help support prices. But I seriously doubt Putin will let Trump do that.
WTI?
North Sea oil is called Brent and wti is an American oil. Short for West Texas Intermediate.
Huh, TIL!
Where did the name Brent come from?