The rest of OPEC will eventually come in and fill in for Russia. It's the thing to do. Russia is no longer a reliable source. Saudi Arabia will gain market share and Russia will lose market share that will take years to regain if ever -even after the war is over.<p>OPEC can't wait too long since the last thing they need is for their largest consumers to go into recession due to high energy prices -not after 2 years of a pandemic. Oil prices will find an equilibrium. They will probably be higher than before the war but not as high as they are now.<p>This will happen. It will just seem like an eternity since we need them to be lower now.
This article is from 2020. My shares of USO are up over $1000 now. I plan to hold them for less than 1 week though to minimize exposure to management fees and contango. I’m not sure what is a better investment for this right now.