White House press secretary Jen Psaki said on Monday that no decision has been made at this point by the president about a ban on Russian oil. The White House announced last week it would release 30 million barrels of oil from the nation’s Strategic Petroleum Reserve to help keep prices in check, but the move had no impact on oil’s march higher. Lawmakers from both parties in Congress are working on bills to inflict greater pain on the Russian economy. consumers from the energy market fallout, but that plan has been undercut by the images of bombings and attacks that have sent Ukrainians scrambling to flee the country and are driving up the civilian deaths. “I don’t think it’s going to be over in a few months - potentially years.”īiden has pledged to try to shield U.S. “The global impacts on markets will continue,” he told an audience. Bush who is now senior vice president for global energy at IHS Markit, said the worsening human toll of Russia’s invasion in Ukraine that was driving the international effort to punish Moscow was only in its early stages.
ambassador to Ukraine under former President George W. can provide the right incentives,” he said.Ĭarlos Pascual, the former U.S.
“It is likely that there is the capacity for this, and OPEC might find themselves inclined to back the step if the U.S. Still, James Burkhard, head of oil markets for IHS Markit, said the Biden administration was likely looking for the backing of OPEC, whose members would need to boost output if countries were to try to ban Russian supplies. “There’s a mirage that spare capacity can be brought out,” Tengku Muhammad Taufik, CEO of the Malaysian state-run oil company Petronas, told the same conference, S&P Global’s CERAWeek. But executives say that high international prices have already given producers all the incentive they need to boost output, and that no one is holding back. The Biden administration is reportedly reaching out to Saudi Arabia, the world’s leading exporter, as well as Venezuela, whose government has also been sanctioned, to help fill any oil shortfalls from the shut-off of Russia’s shipments. But since August 2020, it has roared back, adding 2 million barrels per day to reach 11.6 million barrels per day by late February, and forecasters expect that figure to climb by another 1 million barrels by the end of the year. oil production had plunged during the early months of the pandemic, driving dozens of oil companies into bankruptcy and forcing others to retrench and shut down new drilling. industry imports only a modest amount of Russian oil and refined products, but trading firms around the world are beginning to shun Russian supplies as governments tighten the financial sanctions on Russia in response to President Vladimir Putin’s invasion of Ukraine. Chevron has also said it would increase its production there by 60,000 barrels per day this year.īut even with those sharp increases, keeping a lid on oil and gasoline prices will be difficult if Russia’s 5 million barrels per day of oil exports are taken off the market. “We’re well on our way to that,” CEO Darren Woods told an industry conference in Houston on Monday. Exxon has said it expected to increase its production from the Permian by 100,000 barrels per day this year, on top of a sharp ramp up last year to 460,000 barrels per day.
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