Russia will soon become the world’s leading oil exporter. The Business Insider edition writes about it, citing Bank of America analysts.
As stated in the article, the flow of oil from Russia to the world market, despite the sanctions of the USA and the European Union, caused a surplus of fuel.
According to the bank’s analysts, the volume of oil supplied to the world market from Russia came as a complete surprise to the West. Analysts agreed that it will soon restore Russia’s position as the largest fuel supplier to the world market. Analysts stressed that Russian oil supplies have already exceeded forecasts.
“More than expected oil exports from Russia could help it regain its role as the world’s leading oil exporter,” the article says.
The decision to impose a ceiling price on Russian oil, adopted by the European Union countries, G7 countries and Australia, entered into force on December 5, 2022. The ceiling price has been set at $60 per barrel and will be reviewed regularly after January 15. The restrictions will affect a wide range of services related to the transportation of oil by sea. The Kremlin refused to accept the decision of the Western countries. On December 5, the EU embargo on the offshore supply of Russian oil also begins to work. Since February 5, imports of Russian petroleum products have been banned, and price limits have been set for them at the level of 100 dollars and 45 dollars per barrel. Russia retaliated against Western sanctions. As of February 1, 2023, Russia began to ban the supply of Russian oil to countries using ceiling prices.