{"id":27742,"date":"2023-06-26T15:50:17","date_gmt":"2023-06-26T19:50:17","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/russias-wagner-group-mutiny-sparked-white-house-scramble-to-shore-up-oil-supplies-analyst-says\/"},"modified":"2023-06-26T15:50:19","modified_gmt":"2023-06-26T19:50:19","slug":"russias-wagner-group-mutiny-sparked-white-house-scramble-to-shore-up-oil-supplies-analyst-says","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=27742","title":{"rendered":"Russia\u2019s Wagner Group mutiny sparked White House scramble to shore up oil supplies, analyst says"},"content":{"rendered":"
\n

A short-lived mutiny by Russia\u2019s Wagner Group that was seen as a threat to President Vladimir Putin\u2019s grip on power saw U.S. energy officials scramble to back up global supplies of crude oil, according to a top Wall Street commodities analyst.<\/p>\n

\u201cIt is our understanding that the White House was actively engaged [Saturday] in reaching out to key domestic and foreign producers about contingency planning to keep the market well supplied if the crisis impacted Russian output,\u201d said Helima Croft, head of global commodity strategy at RBC Capital Markets, in a Sunday note to clients.<\/p>\n

\n

A significant worry was that Putin might declare martial law, preventing workers from showing up at major loading ports and energy facilities, potentially halting the export of millions of barrels of oil, she said. Croft noted that key energy officials, notably Amos Hochstein, now President Joe Biden\u2019s senior adviser for energy and infrastructure, served in the Obama administration when unrest in Libya closed down the Sirte Basin export facilities. The incident led to a spike in crude prices during the Arab Spring.<\/p>\n

\u201cThe experience of being caught off guard by the Libyan export disruption seemingly guided the pre-emptive outreach and planning on Saturday. There was a concurrent concern that critical pipelines could either be directly targeted or inadvertently damaged if the insurrection turned into a full-scale war,\u201d Croft said.<\/p>\n

The White House didn\u2019t reply to a request for comment.<\/p>\n

The rebellion saw the mercenary paramilitary force, led by Yevgeny Prigozhin late Friday, take over Russia\u2019s southern military headquarters in Rostov-on-Don.<\/p>\n

The group marched largely unchallenged toward Moscow, halting their advance around 120 miles short of the capital of Moscow Saturday before Prigozhin abruptly stood down in a deal that would exile him to Belarus, with charges against him of leading an armed rebellion dropped.<\/p>\n

Oil futures and global financial markets took the chaos largely in stride. The U.S. crude benchmark
\n CL00,
\n +0.65%<\/bg-quote>
\n ended the day up just 21 cents, or 0.3%, at $69.37 a barrel on the New York Mercantile Exchange, while global benchmark Brent crude
\n BRNQ23,
\n +0.30%<\/bg-quote>
\n gained 33 cents, or 0.5%, to settle at $74.18 a barrel on ICE Futures Europe.<\/p>\n

Read: <\/strong>Russia\u2019s Putin survives short-lived Wagner Group mutiny. Here\u2019s what that means for oil.<\/p>\n

U.S. stocks were mixed, with the Dow Jones Industrial Average
\n DJIA,
\n +0.04%<\/bg-quote>
\n up 66 points, or 0.2%, while the S&P 500
\n SPX,
\n -0.36%<\/bg-quote>
\n shed 0.1%.<\/p>\n

But the episode is seen potentially weakening Putin\u2019s hold on power and raising the prospect of further rounds of internal strife with the potential to upend global commodity and financial markets, analysts said.<\/p>\n

See: <\/strong>What\u2019s next for markets after aborted Wagner mutiny leaves Russia\u2019s Putin weakened<\/p>\n

Croft also disputed speculation that the end of the Putin regime could mean the rollback of Russian energy sanctions and a return of Russian exports to Europe.<\/p>\n

\u201cWe continue to contend that sanctions will remain in place while Putin remains in power. Nonetheless, a figure like Prigozhin would not be a welcomed replacement, given the human rights violations and criminality associated with Wagner Group activities,\u201d she wrote. \u201cIndeed, the idea of a Prigozhin figure with nuclear weapons would likely be viewed as a terrifying prospect by many of Ukraine\u2019s key Western backers.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A short-lived mutiny by Russia\u2019s Wagner Group that was seen as a threat to President Vladimir Putin\u2019s grip on power saw U.S. energy officials scramble to back up global supplies of crude oil, according to a top Wall Street commodities analyst. \u201cIt is our understanding that the White House was actively engaged [Saturday] in reaching […]<\/p>\n","protected":false},"author":1,"featured_media":27743,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-27742","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nRussia\u2019s Wagner Group mutiny sparked White House scramble to shore up oil supplies, analyst says | iFintechWorld<\/title>\n<meta name=\"description\" content=\"A short-lived mutiny by Russia\u2019s Wagner Group that was seen as a threat 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