Overview
- At a forum in Russia, Vladimir Putin said prices would "shoot up beyond $100 per barrel" if Russian oil were removed from the market, according to Interfax.
- He argued that the loss of Russian volumes would unsettle energy markets and strain weak economies, including those in Europe.
- The United States has intensified efforts to push remaining buyers to halt Russian crude imports, with pressure concentrated on India.
- Reporting indicates New Delhi could trim Russian intake only if Washington allows more barrels from Iran or Venezuela, even as Indian officials defend continued purchases.
- Experts cited by TASS said a total disappearance of Russian supply is unlikely, noting exports of roughly 7.5 million barrels per day and warning that even partial losses could spark sharp price increases.