Fred Razak, the chief trading strategist at CMTrading, weighs in on the state of the international oil market, currently under severe pressure and scrutiny due to the Russia-Ukraine crisis, rising prices and 2030’s looming climate deadlines in Europe and the USA.
As ordinary working people on the street, we will never know precisely what is happening behind closed doors at the White House, the Kremlin or even Luthuli House. But there are always agendas at play that we may not be aware of. Many conspiracy theorists would have much to say about what those agendas might be.The subject of oil is hotly contested in our current climate. Most of us are familiar with the story surrounding the discussion about oil.
This policy on Russian energy exports means that ‘hostile’ importers in Europe and the US need to buy rubles to buy Russian oil – primarily from the Russian Central Bank. In a roundabout fashion, the importers will still be buying in dollars and Euros, but through the Central Bank, rather than directly from Russian exporters.
Shares in major cigarette manufacturers Philip Morris, RJ Reynolds and British American Tobacco fell in response to Clinton’s threat of a multi-billion-dollar lawsuit against the tobacco industry, which was based on Clinton claiming that taxpayers should not have to pay the medical costs associated with lung cancer.
Even when electric vehicles become more commonplace in developed markets than fossil fuel-powered vehicles, big oil will still – at least for the foreseeable future – be needed elsewhere. Oil is also used to make many other items we use every day. Some of these are surprising. Even wind turbines – touted as one of the solutions for clean energy – use some oil-based plastic products.
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