McNally: Oil Prices May Shoot to $100 in 1Q 2023

The video discusses the implications of the price cap on Russian oil, aiming to keep Russian barrels flowing while maintaining a cap above the traded price. It explores market reactions, predicting oil prices to rise above $100, contingent on visible Russian disruptions. The diesel market faces challenges, especially in Europe, due to reliance on Russian supply and potential winter impacts. OPEC Plus dynamics are stable, with Saudi Arabia and UAE not concerned about Russia's compliance, but US relations remain tense.

What is the primary goal of the Biden administration regarding the price cap on Russian oil?

How might the Indian refiners negotiate with Russia regarding oil sales under the price cap?

What are the implications of the upcoming February sanctions on diesel for Russia?

What factors are contributing to the potential increase in diesel prices in Europe?

How does the relationship between OPEC plus actors, particularly Saudi Arabia and Russia, appear to be evolving?

What challenges does the Biden administration face regarding gasoline and distillate prices?

What are the potential repercussions of OPEC plus cutting 2,000,000 barrels, according to the discussion?