Russia And Iran Invest $20 Billion In New Trade Route Oil is up because they say that Russia's Oil isn't getting through as fast with having sanctions but it's not like there's a shortage of Oil its in the tankers sitting and waiting Russia also said that they have ghost ships that have been sneaking through and now they are creating a new trade route for Russia Oil. The next reason Oil is up is that China making false promises that they will return and Oil will hit $100, what BS! Oil was at $100 already this year when every country was bullish and Oil couldn't stay there so you think that Oil will be at $100 during a global recession, higher interest rates, China COVID, and additional Oil production being added from Venezuela or others and if Oil got that high you can be sure that Biden will do everything possible to bring it down with NOPEC during a recession and when Oil was at $100 Oil demand was extremely tight with OPEC members running at full capacity well now we're in the position just to have OPEC reintroduce the production that was cut out so we are not in an extremely tight Oil demand situation. I wouldn't be popping the cork out of the champagne bottle just yet because China getting well anytime soon.
Russia And Iran Invest $20 Billion In New Trade Route To Avoid Sanctions | OilPrice.com