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.”
Source: Reuters