Analyst Yushkov urged the legal order for Middle Eastern countries to buy oil from Russia and the EU to sell its own oil 14:57

The plan by the Middle East countries to buy oil from Russia and resell their oil to the European Union is legal. Igor Yushkov, one of the leading analysts of the National Energy Security Fund, expressed this opinion in an interview with socialbites.ca. Earlier, Vedomosti newspaper reported that Russia-friendly countries in the Middle East and Asia could do this.

“Saudi Arabia bought fuel from Russia, after processing the oil, it went to the world market. So do other countries in the Middle East and Asia. Officially, the plan to “buy oil from Russia and export your oil to the European Union” is legal. Nobody is banning it. After the EU, G7 and Australia imposed restrictions on oil imports, and fuel prices from the Russian Federation were pushed to a ceiling of $60 per barrel, no one is forbidding Russia-friendly countries from buying oil from the Russian Federation by any ceiling. or without a ceiling. And they resell their oil on the world market, including EU countries,” he said.

According to him, in this case, EU countries will buy more expensive oil from Russia.

“Oil from Asia and the Middle East will now be more expensive for Europeans without discounts. In addition, additional logistics costs will lead to an increase in the cost of procurement. Previously, Russia had given partners a discount of $ 20 per barrel. In other words, at an oil price of 85-90 dollars per barrel, the Russian Federation sold fuel at 60-70 dollars.

Yushkov noted that at least now, the EU will not discount similar oil from Asian and Middle Eastern countries.

“If Russia further reduces its oil exports, the deficit will worsen. Russian exports may decrease by 100-200 thousand barrels per day. The expert emphasized that oil prices could reach $100 per barrel.

According to Yushkov’s forecasts, Russia may increase oil supplies to Asia and the Middle East in December-January before restrictions on oil imports come into effect in February 2023.

According to Vedomosti, shipments of petroleum products from Russia to friendly countries rose from 820,000 bpd in January to 1.42m bpd in September. Exports to Turkey, United Arab Emirates, Egypt, Saudi Arabia, Singapore, Malaysia, India and China increased as the country changed its supply routes. Ronald Smith, senior analyst at BCS World of Investments, noted that Middle Eastern countries can use Russian fuel for domestic needs and export their own fuel to Europe.