Kpler analysts believe that the Russian Federation will be able to sell 50% of the oil that the EU refuses
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Russia will be able to find buyers for half of the crude oil that the European Union plans to abandon in December, according to the analytical company Kpler. According to the International Energy Agency, Brussels’ decision could cut Russian production by almost 2 million barrels per day if Moscow fails to find markets. Kpler believes that Indonesia, Pakistan, Brazil, South Africa, Sri Lanka and some countries in the Middle East can buy 1 million barrels. Bloomberg.
Analysts believe that the countries of the Middle East this winter will be able to receive up to 500 thousand barrels of Russian oil per day, redirecting the volumes that were previously used within countries for export. As Kpler explains, it could be “tempted” to ship Russian Urals to refineries and oil grades such as Arab Light for export to Asia.
The EU countries agreed in the summer to almost completely stop the import of Russian oil in December 2022. Later, it is also planned to abandon oil refining products. The possibility of introducing a ceiling on energy prices is being considered. Against this background, Russia began to redistribute supplies to other countries. In eight months of 2022, Russian exports to China grew by 50%, mainly due to Russia’s increase in supplies of raw materials and energy. A similar trend is observed in trade relations with India.
More details – in the material “Kommersant” “Russian oil went into Indian imports”.
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