Monday’s Barron’s opined that the 10 most uber-wealthy in Russia already took a $6.6 billion market-value hit due to the sanctions.
Are you surprised?
Barron’s also weighed-in with the idea that Russia needs $100-bbl oil to make its economy work and if oil declines to $75, the economic situation there will worsen. It’s already bad enough.
Poor Putin, right?
And, given the oil boom here, Barron’s thinks it is likely that oil will decline to $75 over the next five years; in other words, $75 may become the new ceiling, something I’ve been writing about for a year or so.
Me? I think oil may go lower earlier. I think that the market may easily overrun the supposed discipline of the supported spot price and that U.S. domestic oil could go strikingly lower, maybe $60 or less a barrel, but, heck, that’s only me—I have a long memory.