Is $80 Oil Here to Stay? ...Middle East

OILPRICE - Economy
Is $80 Oil Here to Stay?
source : OILPRICE ( Middle East ) () 56
The global oil market entered uncharted territory this week as the United States tightened its grip on Russian oil exports through sweeping sanctions. These new measures, targeting 183 oil tankers and major producers such as Gazprom Neft and Surgutneftegaz, are poised to strip up to 700,000 barrels per day (bpd) from international markets. Designed to cut off a critical revenue stream for Moscow, the sanctions also add a new layer of pressure to an already fragile supply chain. Freight costs surged in response, creating logistical challenges for…

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