International transport: to a black gold outbreak?
Since the beginning of the conflict in Ukraine, disruption of the world oil market Finally, encouraging EU countries and the United States to increase calls to the 13 members of the Organisation of Petroleum Exporting Countries (OPEC) to increase their production capacity. In vain. These requests have not so far been successful (cf. Oil: OPEC defends Moscow and warns Brussels). And for the month of June, OPEC will limit itself to a production increase of about 400,000 barrels per day, a volume that may be insufficient.
As a result, Joe Biden decided to draw on US strategic stocks: 1 million barrels per day for six months to lower prices. In addition, this Thursday, May 11, the U.S. Senate meets to approve a text named « Nopec » (No Oil Production and Exporting Cartel) which should allow Washington to sue OPEC for manipulation of energy markets.
At the same time, Russian oil production, which has been boycotted by several oil companies, is beginning to decline and the phenomenon will increase significantly with theEuropean embargo the next six months. The G7 countries have also pledged to progressively ban Russian oil.
At the moment prices, although volatile, do not blaze as demand for black gold is still limited with containment in China, the second largest consumer and importer of oil in the world.
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- Diagnosis of international logistics flows
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