💣🏰 European Union and Russian Oil 🤡 🛢️

31 May 2022

Big news (or is it ? 🤡) :

EU agrees to ban 90% of Russian oil imports : baha.com/EU-agrees-to-ban-90percent-of-Russian-oil-imports/news/details/57973255?internal=1

Joke number 1: Ban starts next Year 😂

Joke number 2: The EU decision excludes inland pipelines, which covers Hungary, Slovakia, the Czech Republic and Germany (and probably everyone else through them) 😂😂😂

Joke number 3: Serbia doesn't care 😂😂

Now let's get serious though because we see Crude Oil at 140$ soon:

👉 China and India are growing fast and Oil is a must.
👉 Chinese lockdowns are going away ) reuters.com/markets/commodities/oil-climbs-ahead-eu-meeting-russia-sanctions-2022-05-30/ )
👉Europe is still dependent on Russian energy
👉Iran vs Usa with Greece in the middle is a serious incident: ( shipandbunker.com/news/world/947283-iran-seizes-two-greek-tankers-after-us-oil-confiscation )

Very simply, further ban on Russian oil would tighten a crude market already strained for supply amid rising demand for gasoline, diesel and jet fuel ahead of the peak summer demand season in the United States and Europe.

Underscoring market tightness, the Organization of the Petroleum Exporting Countries and allies including Russia, a group dubbed OPEC+, are set to rebuff Western calls to speed up increases in output when they meet on Thursday.

One Love,

the FXPROFESSOR 🚶

PS. OPEC meeting on Thursday. Professor says there will be a dip to BUY to 140$