Most countries open to Russian oil products, despite unilateral EU embargo
It is noted that majority of countries in the world does not support the approach of Western states to introduce artificial restrictions, as it threatens the global balance of supply and demand in a number of industries
Most of the countries in the world are still open to Russian oil products, despite the embargo introduced by Western countries on February 5, First Deputy Minister of Energy Pavel Sorokin said at a conference of the Valdai Club.
When asked how the embargo would affect Russia, he replied: “Most of the markets remain open. Our industry is quite efficient.”
According to him, the demand for oil and oil products has not changed. It ranges from 99.5 to 101 million barrels per day.
“The flows [of Russian oil products] have been redistributed,” he added.
Sorokin noted that majority of countries in the world does not support the approach of Western states to introduce artificial restrictions, as it threatens the global balance of supply and demand in a number of industries.
On December 5, 2022, an embargo on maritime oil supplies from Russia to the European Union came into force. The EU, the Group of Seven (the UK, Germany, Italy, Canada, USA, France, Japan), as well as Australia, agreed on a price cap for Russian oil supplied by sea at $60 per barrel.
From February 5, 2023, similar restrictions on the supply of petroleum products from Russia came into effect. The price cap was set at $100 and $45 per barrel, depending on the category of oil products.
