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.