Photo has been used for illustrative purpose.
The war in Ukraine and the consequent Western sanctions against Russia, including oil, has created a panic about crude shortages and the rising prices. European countries have not yet completely closed the Russian oil tap.
And Russian oil is being lapped up by China and India at discount rates. The United States had been pressurising the OPEC minus Russia to step up crude production to cover the shortages as well as keep the prices in control.
But there is another problem looming on the horizon, the rising apprehension that the advanced economies of the United States and Europe are slowing down and slip into a recession, partly as an after-effect of the Covid-19 pandemic of 2020 and 2021, and the disruptions it had created.
But the latest market analysis of the oil market by Citigroup suggests that oil prices are…
