There are no obvious signals for Brent to consolidate above $100 per barrel by the end of the year

Alexey Belogoryev, Deputy Principal Director on Energy Studies of the Institute for Energy and Finance gave a comment to the portal Finam.ru about the consequences of the embargo and the "ceiling" of prices for Russian oil products.

Although the world markets for crude oil and petroleum products are quite independent, the expected loss of a significant volume of exports of Russian petroleum products, along with other factors, will negatively affect the overall oil balance. This exacerbates the risks of the transition of the crude oil market to a deficit state in 3-4 quarters of 2023. Accordingly, forecasts of growth in world oil prices in the second half of the year remain relevant, which should support both the trade balance of Russia and the ruble. There are no obvious signals yet that Brent prices may gain a foothold above $100 per barrel by the end of the year, but fixing around $95-100 looks quite real.