RE: Down 11% in a week16 Jun 2022 16:03
The price of oil is falsely at these 'high' levels because of the Ukraine war. It is a war Ukraine cannot win by forcibly removing Russia from it's territory. With any luck Putin has cancer and will die. I would suggest his successor will want to have control over the Ukraine territory that It has allegiances from, ie; Donbas et al. It will then be a negotiating position. Sanctions would remain in place, I believe, until Russia capitulates. In the event that Putin lives on, sanctions will remain indefinitely. There is a Worldwide drive to replace fossil fuels both in the energy production market, and vehicle propulsion. Vehicle propulsion accounts for nearly 30% of oil sales. With global warming events on the rise, it is only a matter of time before interested governments, realise that a 'quick fix' to C pollution is electrifying transport, either through batteries or fuel cells, and power generation from renewable. It will require subsidies and cost trilions, but will end reliance on FF, and more importantly 'kill' Putin, and hopefully put OPEC out of business. Shell and other oil majors, can lead the World in renewables, and I believe that BVB is ahead of them all.