The head of Chevron spoke about the difficulties that arose after the introduction of the price ceiling for Russian oil products
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The impact of the price cap on Russian oil products has created tensions in the market for oil and related logistics, making them vulnerable to any unexpected supply disruptions. This was stated by the chief executive officer of the American energy company Chevron Michael Wirth during his speech at the energy conference CERAWeek.
According to him, Russian oil products still enter the market, but at different prices, since ships now have to deliver them over long distances to countries that have not imposed sanctions. “There is not so much turnover capacity, not so much storage capacity,” said Mr. Wirth (quoted from Reuters). “Now there are many restrictions … an unexpected event today would affect the existing balance,” the head of Chevron commented on the situation.
On December 5, the embargo on Russian oil came into force, Was installed oil price ceiling from Russia at $60 per barrel. On February 5, restrictions from the European Union, G7 and Australia on oil products from Russia came into force. From February 1 entered in force retaliatory measures of Russia on the ceiling of oil prices.
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