Home » World » Oil embargo – which countries will replace the Russian Federation in the European market – UNIAN

Oil embargo – which countries will replace the Russian Federation in the European market – UNIAN

It is known that as a result of the oil embargo that began in December, Russia’s oil export revenues will decline by 75% as early as February 2023.

Following the EU embargo import of oil from Russia Another 1.4 million barrels of Russian oil will have to be replaced. But at the same time, around 300,000 barrels a day potentially come from the United States and 400,000 barrels a day from Kazakhstan.

This was stated by the IEA, writes Reuters.

Norway’s largest oil field, Johan Sverdrup, which produces medium-heavy oil similar to the Russian Ural field, is also reportedly planning to increase production in the fourth quarter, potentially by 220,000 barrels per day.

Fully meeting EU demand will require imports from other regions such as the Middle East and Latin America, the IEA said.

“Some of Russian oil will continue to enter the EU via pipelines as the ban does not apply to some landlocked refineries. Germany, the Netherlands and Poland were the largest importers of Russian oil to Europe last year, but all of them and three countries have the ability to supply crude oil by sea, but landlocked countries in Eastern Europe, such as Slovakia or Hungary, have few alternatives to pipeline supplies from the Russian Federation, “the ministry said.

Note that the EU’s dependence on Russia is also supported by companies like Rosneft and Lukoil, which control some of the bloc’s largest oil refineries.

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We recall that on 16 September the German government took control of the “Rosneftthe Schwedt refinery, which supplies around 90% of Berlin’s fuel needs.

On the same day, the Italian government said it hoped Lukoil would find a buyer for its ISAB refinery in Sicily, which represents a fifth of the country’s refinery capacity.

As reported by UNIAN, the European Union on 3 June approved the sixth package of sanctions against Russia, which, among other things, includes the refusal of EU countries to import Russian oil for 6 months, to import petroleum products for 8 months and to disconnect Sberbank, Rosselkhozbank, Moscow Credit Bank and the Belarusian Bank for Reconstruction and Development from SWIFT ”.

2 September G7 finance ministers agreed to impose a price limit on Russian oil, as well as to restrict services for its transportation.

According to the Financial Times, the finance ministers of the G7 countries have agreed that the cap on oil prices from the Russian Federation will come into effect from December 5 for crude oil and February 5 for petroleum products.

As stated in the Ukraine OP, following the oil embargo that began in December Russia’s income from oil exports already in February 2023 it will be reduced by 75%.

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