I heard a rumor that OPEC will go 300 USD / barrel this year ,what do you think ?
Russia produces 11,262,746 barrels per day of oil (as of 2016) ranking 3rd in the world, which represents about one eighth of the amount of barrels of oil produced globally, which is estimated at about 88.4 million barrels per day in 2020.
Source:
https://www.statista.com/statistics/265203/global-oil-production-since-in-barrels-per-day/#:~:text=Global%20oil%20production%20amounted%20to,at%20around%2095%20million%20barrels.
https://www.worldometers.info/oil/russia-oil/#:~:text=Oil%20Production%20in%20Russia&text=Russia%20produces%2011%2C262%2C746%20barrels%20per,reserves%20(as%20of%202016).
We know that even if Russian oil is banned, the country may continue to export it to some countries, most notably China. Therefore, it is unlikely, at the present time, that we will witness prices above 200 dollars per barrel.
This rumor might be true if Russia and Saudi Arabia decided to stop exporting, which is almost impossible.
Additional to that Russia will continue to export to at least 5 countries considering their proposal to India as well where they offered to provide them oil/ Gas at a really reasonably low prices which does mean that they would be willing to provide such offer to other countries as well who will be willing to go forth with it.
Therefore 300 is definately going to be an over exaggerated estimate, at the same time there are other countries as well who would be willing to take over this export opportunity since the inflation is already on the floor due to the pandemic as well, which does mean that government would have numerous opportunities to take over this through the renewable sources pulling the price down also it's not that hard there are certain trees as well which can produce fully functional oil even diesel for cars, there ofc not going to take over the production but it just extends to the fact that there is so little rescarch regarding the non conservative sources of energy and this can provide a fast response on that section making it better for the whole community in the long run..