U.S., Gulf countries to win in energy crisis as Russia, Europe flounder -Mercuria | Reuters
Mercuria's chief executive said Russia and Europe will be the biggest losers in the current energy and commodity crisis while the United States and Gulf countries will benefit.
He said about 2-2.5 million bpd of Russian oil was likely to leave the market due to self-sanctioning and that more strategic releases may be in the pipeline.
"I would not be surprised to see a big release from the U.S. and more countries if oil goes to $120 a barrel," Mercuria CEO Marco Dunand told the FT Commodities Global Summit, adding it could take 3-4 months for these barrels to hit the market.
"It's going to take 3-4 months to get the barrels."
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