The price of Brent exceeded $130 after the news about the readiness of the United States to impose an embargo

The ban includes imports of oil, liquefied natural gas and coal.Washington may announce restrictions today BRENT BRENT$96.79 -6,53%

The price of May futures for Brent crude on the London ICE exchange rose by 4.7% to $130.34 per barrel as of 16:44 Moscow time. Futures for WTI oil are up 4.2% to $126, according to trading data.

Commodity quotes went up sharply after Bloomberg reported that the Joe Biden administration is ready today to impose a ban on Russian energy imports to the United States . The ban will include not only oil, but also liquefied natural gas and coal, agency sources said. Washington has held consultations with the EU, but Europe is not yet involved in the embargo.

According to the US Energy Information Administration, Russian oil accounted for about 3% of all US oil shipments last year. In general, imports of Russian oil and petroleum products accounted for about 8% of the US total. Washington imports about 700 thousand barrels per day of Russian crude oil and petroleum products, including fuel oil. Russia supplies Europe with 4 million barrels per day.

JPMorgan expects oil at $185 per barrel amid sanctions against Russia Brent , Oil , Russia , USA ,  Sanctions

Citi analysts in their base case expect a 500,000 bpd reduction in Russian production and a release of 60 million bpd from reserves. The bullish scenario assumes that production will fall by 2 million barrels per day by the end of 2022, with the US and other countries unpacking 120 million barrels. Citi's "super bull" scenario assumes that Russia will only supply oil to China.

As Bloomberg notes, at the moment, most of the consequences of a possible embargo were assessed by the market over the weekend and at auction on Monday, March 7, as a result of which a barrel of oil rose in price by 17% and reached $138.

The agency writes that investors are now wondering how long the embargo will last and whether oil from Iran and Venezuela can help fill the supply constraint. Administration officials said the US should make efforts to accelerate the transition to renewable energy and expand domestic energy production, the sources said.

You will find more news about investments in our telegram channel “You yourself are an investor!”