How the EU ban on Russian crude oil affects oil flows | – #ban #Russian #crude #oil #affects #oil #flows
December 14 (Reuters) – According to the International Energy Agency (IEA), Russia Europe Oil exports to the Union decreased by 430,000 barrels per day to 1.4 million barrels in November compared to the previous month.
In the monthly oil market report, the volume of Russian offshore crude fell by 330,000 barrels per day to 500,000 barrels, falling below 590,000 barrels per day through the Drujba pipeline for the first time.
As a result, the EU’s share of Russian crude oil exports fell from 31% in October to 28% in November, and 50% before Moscow’s February 24 intervention in Ukraine.
Meanwhile, Russian crude oil exports to India hit a record high of 1.3 million barrels in November, while exports to China, including sea and pipeline, were unchanged at 1.9 million barrels.
On December 5, the EU Russia the ban on the import of crude oil and the G7 Russia’s sea way 60 per barrel for export dollars price cap has come into effect, which is expected to reduce Russian production.
Russia Crude exports through the Druzhba pipeline to Eastern Europe are exempt from the ban, but the IEA expects already reduced supplies to fall, forcing Russia to cut more output.
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According to BEA, Russia’s sea way daily with 10Export of 0,000 barrels of crude oil was also removed from the EU ban.
Reuters Graphics ALTERNATIVE SUPPLIES
The IEA said the EU will offset a decline in Russian crude imports by increasing supplies from the Middle East, West Africa, Norway, Brazil and Guyana. compensation trying to do.
The IEA’s previous report in November estimated that the United States and Kazakhstan would lose about 1.1 million barrels after Dec. 5. Russia oil substitute can do.
Norway also plans to increase output from Johan Sverdrup, Western Europe’s largest oil field, in December. per day when the field’s Phase 2 development peaks next year 20It could add 0,000 barrels, its operator Equinor ( EQNR.OL ) said.
Complications
As the ban excludes some landlocked refineries in Eastern Europe, some Russian oil will continue to flow through pipelines to the EU.
Germany, the Netherlands and Poland were the main importers of Russian oil in Europe last year, but all have the ability to import offshore crude elsewhere.
The EU’s dependence on Russia has also been bolstered, as companies such as Rosneft ( ROSN.MM ) and Lukoil ( LKOH.MM ) control some of the bloc’s biggest refineries.
Germany has taken control of the Rosneft-owned Schwedt refinery, which supplies about 90% of Berlin’s fuel needs, and the Lukoil-owned ISAB refinery in Sicily could be sold by the end of the year.
EU countries that have received temporary concessions for the import of Russian crude oil are not allowed to export products obtained from this crude oil.
According to the IEA, Bulgaria, Slovakia and Hungary have this restriction execution have considered the potential impact on their rates and are seeking to make exceptions for the trading of any excess product.
Compiled by Nerijus Adomaitis; Edited by Barbara Lewis
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2023-02-17 23:27:06
Source – reuters
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