In early December, the European market will close for Russian oil, but the search for new outlets for nearly 1.4 million barrels of oil per day in Russia has not yet been successful.
Russia began to have trouble finding new markets for its oil. On Monday, October 31, according to Bloomberg.
It noted that Moscow is trying to secure oil markets for itself by the time European Union sanctions on Russian offshore oil exports take effect on December 5.
Shipments from Russia rose for the seven days through Oct. 28, but the four-week average reversed in the opposite direction, according to Bloomberg data, with both figures pegging shipments at more than 3 million bpd only.
About 740,000 barrels a day of that total were shipped to European countries, a market that will largely disappear by the end of November.
In addition, Russia will lose distribution channels for another 650,000 barrels per day supplied to Poland and Germany through the Druzhba system. So, Moscow needs to find new markets for about 1.4 million barrels of oil per day.
Earlier, the World Bank said that after the introduction of restrictions on Russian oil supply in December, its exports will decrease by 2 million barrels per day.
Russia will not be able to restore its energy exports – IEA
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.