- Russian volumes are needed today
- Every country is facing a natural decline in production
- OPEC+ as a group already lost 1 million barrels over one year
Again, he is just pointing out the facts. I've mentioned it before. The diversification away from Russian crude isn't as easy as it looks. Global inventories are extremely low and supply is struggling to keep up with the recovering demand from the pandemic. Put those factors together and you can see why oil prices have a good reason to stay elevated in the big picture.
