U.S. Shale Cannot Offset Loss Of Russian Crude In The Short Term

Despite its flexibility to respond to soaring oil prices, the U.S. shale patch cannot come to the rescue of the increasingly tightening global oil market with some Russian crude not making its way to buyers, commodity intelligence firm Kpler said on Tuesday. U.S. lawmakers passed legislation on Monday to ban the import of energy products from Russia, but it is not clear yet whether President Joe Biden would sign it into law. The United States is reportedly considering going solo on an import ban, while Europe—most notably German Chancellor…