MacroVoices #349 Rory Johnston: Crude Oil Outlook & SPR Discourse
Macro Voices
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Is There a Loss of Supply in Oil Prices?
December 5th could be bearish oil prices for the reason that so many people have this expectation that a whole bunch of Russian crude is coming off the market. I just don't see why that would occur. Russia simply sells all of its oil to India and China. And nothing really changes in terms of global supply and demand. The longer a tanker has to travel, the less it's essentially like you're narrowing a pipeline. That same pipeline can carry a lot more a shorter distance than the same pipeline over the longer distance.
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