Oil price

US oil production will be back to the pre-pandemic level of 12.4 million barrels per day and oil exports will reach an all time high of 3.4 million barrels per day. As the US continues to increase production it will bring down the price which will put pressure on Russia to seek a settlement to the war. Russia exports 5 million barrels per day so each dollar reduction in price mean $1.8 billion dollars per day in lost revenue. To add insult to injury Russia has been selling oil to China at a deep discount something like $50 per barrel.