Brent crude prices could easily climb back above $100 a barrel if shipment losses from Russia hit nearly 3 million barrels per day (bpd) when the EU embargo on Russian crude oil imports by sea goes into effect next month, the in Riyadh-based International Energy Forum (IEF) thinks.
The IEF and many consumer countries, not just the United States, are concerned about what will happen to the oil market when EU sanctions come into effect, said Joseph McMonigle, IEF secretary-general.
