The World Cannot Afford To Replace Russian Oil

The oil market will find it impossible to replace Russia’s oil, which accounts for 10 percent of global supply, Dmitry Marinchenko, senior director for natural resources and commodities at Fitch, told Russian media on Tuesday. The escalation of the Russia-Ukraine crisis could send oil prices to above $100 per barrel, according to Fitch’s expert.   Early on Tuesday, oil prices surged close to $100 a barrel, with Brent Crude hitting a new seven-year high of $99 before easing to $97 per barrel after Russian President Vladimir Putin…