Can Non-OPEC Producers Jump Into The Supply Gap?

The oil price rally appears to be cooling off, with oil prices pulling back but still stuck at multi-year highs of $114.52 per barrel for Brent crude and $112.27 for WTI on Friday intraday trading. Recently, we reported that oil prices have been surging after international refiners adopted a self-imposed embargo, with many reluctant to buy Russian oil and banks refusing to finance shipments of Russian raw materials as per an Energy Intelligence report. Refiners and banks have presumably been unwilling to do business with Russia due to the risk…