Oil prices rose more than 7% on Thursday after the International Energy Agency (IEA) predicted three million barrels per day (bpd) of Russian oil and products might be blocked starting next month. U.S. West Texas Intermediate (WTI) crude rose $4.57, or 4.8%, to $99.66 per barrel.
The government's recent decision to ban imports of Russian oil, gas and other energy products could further increase oil prices. In addition, according to reports, oil consumption is anticipated to rise to 100.23 million barrels per day (mb/d) in 2022, up 3.5 million barrels per day (mb/d) from 2021 and higher than pre-pandemic levels in 2019. While the import ban may affect tanker companies that transport fuel worldwide, analysts do not expect any significant impact on their business.
