Citigroup: Sanctions, Tight Supplies and U.S. Policy to Drive Oil Prices Higher

Analysts at Wall Street bank Citigroup have predicted that oil prices will remain elevated in 2025 thanks to U.S. sanctions on oil exports, logistical challenges and strategic policy decisions by major producers and governments. Citigroup notes that Over 180 vessels, integral to transporting Russian crude, are now restricted. Two weks ago, the Biden administration issued sanctions against Russian crude, and targeted Surgutneftgas and Gazprom Neft, two firms that handle 25% of Russian oil exports. The two companies shipped an average of 970,000…