S&P Global warns! Taking out Russian oil would turn price dynamics ‘upside down’; Trump tariffs driving India to economic independence

Taking Russian oil out of the global market would turn the price dynamic ‘upside down’, says S&P Global Commodity Insights co-president Dave Ernsberger. Geopolitical factors are expected to continue influencing oil markets in the coming year, with a complex relationship between policies and prices, according to Ernsberger. "There's a lot of production available that could come to the market from OPEC and OPEC plus but if it came to the market in full volume, it would be too much," he told ET in an interview. "We currently forecast from S&P Global Commodity Insights that the price will be closer to $60 a barrel by the end of next year. And perhaps as low as $55 a barrel." He noted that the risk to this forecast tends towards the higher side. As the world's third-largest oil suppli