Russia can find new markets for about half of its oil, which the EU will refuse
Key regions and countries consuming Russian oil. Data: IEA, Argus, Kpler. Source: Bloomberg
Russia may find new markets for about half of its crude oil, whose imports will be banned by the union, the environment from December, analysts at energy company Kpler believe. The study says that this winter, Indonesia, Revenue, Brazil, South Africa, Sri Lanka and some countries in the East East can together buy up to 1 million barrels of crude oil per day from Russia.
The Russian oil industry, which accounts for roughly 10% of global production and is a key contributor to the country’s income, has already faced severe sanctions since the start of the NWO in Ukraine. EU members are still buying Russian oil, but a ban on imports of most of the Uralin the near future – a ban on the import of petroleum products.
The energy agency estimates that this could increase Russian oil production by 2 million barrels per day compared to the increase almost before the start of the NWO, if oil flows are not redirected to other regions and countries.
Russian companies are already redirecting their supplies to Asia (mainly India and China) as some European buyers are already voluntarily refusing their oil. All these problems have been discovered to the fact that the Urals blend is sold at large discounts in relation to world benchmarks.
The redistribution of crude oil flows in Europe may seem like a partial export of other types of OPEC+. According to Kpler analysts, Nigeria may lose market share in Indonesia, and Saudi Arabia – in the hunt.
The Middle East, which could take up to 500,000 barrels of Russian oil a day this winter, could divert oil previously used domestically to export markets.
“It might be tempting to ship Urals to refineries and have grades like Arab Light flow freely to Asia,” Kpler said in a report.
Prepared by ProFinance.ru by materials Bloomberg agency
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