Oil news and market movers: Russia getting crushed
- Markets are starting to gear up for possibly an extension of the 1 million barrel per day output cut from Saudi Arabia for the rest of the year to keep Oil afloat above $80.00.
- Bloomberg reports Iraq’s government and oil companies blamed each other for delays in resuming a key pipeline to Turkey, with discussion ongoing, that could keep the pipeline shut for longer.
- Goldman Sachs is bullish on commodities overall for this year as the US and Europe set to cut their interest rates.
- Indian refiners will no longer accept tankers owned by Russian state-run Sovcomflot PJSC because of the risk of sanctions.
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