Talking Oil PricesBiden first started to talk about going to Saudi Arabia back in the middle of June when Oil was trading around $115 but since then we have had 2 Oil corrections bringing Oil down to $91 and it's at $97 now so back then his goal was to get Oil at least under $100 well that happened without him and all producers know that this high Oil is coming to an end because of global rate hikes and the US is heading towards a major slowdown so the producers want to keep the prices high to get as much revenues as they can before the years end when we could be at $75 Oil.
Now we have Russia with their arrogance talking about creating their own Oil Benchmark maybe by next year who knows its all talk but with the G7 putting up sanctions who will Russia sell their Oil to and if they do there's no way that Russia will ever get more money for their Oil if there's a recession and Oil is at $65 or less. They're also saying that in a year or so they want to create their own NG infrastructure so that they wouldn't have to ever import and its all talk. Russia is painting itself into a corner with war crimes bombing malls with women and kids and they think that they can be isolated from the World and do good? Their currency will be krap, and their stock market is crashing just look how good Cuba did with sanctions and trade embargo starting in 1958 their still driving cars bought in the 50's so Russia's arrogance think that they'll prosper with sanctions that will only get worse in time is insanity. And all the other countries have more than enough Oil & Gas to feed the world without Russia, And China's demand for Oil & Gas will come to a dribble plus with the largest Global economy heading towards a recession (US) who will China sell their krap to so the biggest economies will do just fine without Russia Oil or Gas because we'll be in a major slowdown.
I think that this week could be the last kick at the can for driving Oil higher before the week of the 25th hits. Everyone is in agreement that the FED's will raise rates .75% but if they come out with a full point rise the markets will head towards the exit. Plus the timing couldn't of been better for Russia to threaten Europe by cutting off Oil and Gas because its also summer in Europe so all the countries have perfect weather to load up with Gas and Oil before the winter and you'll see other countries in Europe get into OIl and Gas exploration in order to feed themselves and give the finger to Russia, Good luck Russia you're going to be that kid at recess standing alone out in the playground, maybe Putin should call Cuba and get some facts about sanctions before the world steps up in Ukraine and blow them back to the stone age. I would wait for Russia to parade their army and weapons and just bomb them up and 95% of their army would be gone!
Oil and Gas will head lower and there's no stopping that so enjoy these higher prices.
Look at how much Oil is available without Russia
https://www.worldometers.info/oil/oil-reserves-by-country/
Look at how many countries produce without Russia
https://www.worldometers.info/oil/oil-production-by-country/