OILRF - How Will The Russia-Ukraine News Impact Oil Stocks?

• Biden has moved to ban imports of oil from Russia, where those account for a small portion of overall gas demand.
• We expect the US to continue efforts to repair relations with other governments like Venezuela to begin efforts to repair supply dislocation.
• Russia still holds a lot of cards, including with intermediation with Iran, another major oil endowed country.
• Moreover, Europe still depends massively on Russian oil.
• Secular concerns for oil might have evaporated with strategic interests trumping climate interests, and we expect more reinvestment opportunities, higher prices and higher volumes in western stocks.

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