Oil prices are, incredibly, lower today than they were before the short-lived uprising in Russia — one of the world’s most important players in the oil market.
But some oil market veterans wonder if the pendulum has now swung too far in the other direction.
An actual disruption to Russia’s oil flows would be a game-changer for the oil market, and perhaps the world economy.
That country’s civil war shut down oil export terminals — and even though Libya’s output is much smaller than that of Russia, oil prices shot higher.
For now, the oil market is betting there won’t be a repeat of the Libya unrest in Russia.
Persons:
Wagner, Russia won’t, Vladimir Putin’s, Jerome Powell, Powell, Putin, ” Helima Croft, ”, Croft, Yevgeny Prigozhin, Bob McNally, George W, Bush, ” McNally, Prigozhin, “, ” Croft, Obama
Organizations:
New York CNN Business, CIA, RBC Capital Markets, CNN, Rapidan Energy Group, RBC, Strategic Petroleum Reserve
Locations:
Russia, Ukraine, Moscow, China, Libya