Oil prices are likely to continue to climb – potentially beyond $130 per barrel. That’s according to Rystad Energy CEO Jarand Rystad, who made the statement in an extraordinary note on the conflict in Ukraine, which was sent to Rigzone on Thursday. “We expect that Russian oil exports will plunge by one million barrels per day from the indirect impact of sanctions and voluntary actions by companies,” Rystad said in the statement. “Saudi Arabia and the UAE have spare capacity to replace these supplies but may not act immediately. Strategic reserves of 60 million barrels will be released by the U.S. and the OECD through the year, while U.S. production levels will only manage to respond meaningfully towards the end of the year,” he added in the statement. “The net impact is that oil prices are likely to continue to climb […]