- The European Union has decided not to accept any oil imports from Russia via ship, which allows Hungary to still receive Russian oil via pipelines.
- While not at full capacity, OPEC does not have that much more room to increase supply, so it is sticking with its slow pace of rebuilding production.
- The bottom line is that it will take considerable time for the oil supply to increase, but the danger of oil surging ever higher from further European restrictions on Russian oil has diminished because they have already been implemented.
For further details see:
The Hunt For New Oil Supplies