Oil prices drop as Russian sanctions hit big players
Oil prices dipped for the second week in a row, closing below $60 a barrel—even after a tiny Friday bump.
The drop comes as US sanctions hit Russia's biggest oil companies, and everyone's worried there's just too much oil sloshing around.
Even big traders like Gunvor are pulling out of deals for Russian assets following the new sanctions.
Diesel prices are spiking as Russia struggles to find buyers
After the US slapped new sanctions on Rosneft and Lukoil in late October, a significant share of Russia's oil output is affected.
Major buyers like India, China, and Turkey have pulled back hard, forcing Russia to stash extra crude on ships.
Meanwhile, diesel prices are spiking since refined fuel is getting harder to come by—even with Russia scrambling for new export routes.
OPEC+ production expected to rise through 2026
Supplies from OPEC+ and other producers are set to surge through 2026, but the International Energy Agency says we could be looking at record oversupply soon.
China upped its crude imports last month but might slow down now—so price support could get even shakier.
Everyone's waiting for fresh updates from IEA and OPEC next week to see where this wild ride goes.