Russia’s former Minister of Energy reportedly said on Monday “In the event of a (Russian oil) rejection, the oil price would hit $300 (per barrel)”. The remarks were made as there is growing support for an EU ban on oil Imports out of Russia. It is said that Novak is attempting to deter new sanctions with his remarks. Either way it seems Russia is already finding new buyers and even if there was a ban from the EU that the oil would still find its way to the markets and that the global supply would not suffer. However, if the world were to lose Russian oil that several oil producing countries could make a combined effort to make up the 5 million barrels that Russia produces per day.

Source: MarketWatch