RE:RE:RE:RE:Now that that is handled we can all relaxYes, But, if Russia produces 10.8 million barrels of oil per day.And if Russia exports 5.1 million barrels of oil per day. And if Global daily use of oil is about 97 million barrels of oil per day (about 102 million barrels of oil per day including biofuels.) What happens when you reduce global production by 5 million barrels of oil per day if Russias exports are taken off line???
Do the middle eastern countries actually have the excess capacity to replace that loss?
If not has anyone ever done a study on price elasticity for oil. My sense is that this would lead to something of a price shock. Maybe on to $120 or $130 per barrel if other producers are able to increase production somewhat. Thoughts anyone???