Crude oil supplies from Russia rose to 3.41 million barrels per day in the last week through August 19, almost completely reversing the previous decline. About author Bloomberg.
Maritime exports to European buyers rose to their highest level since April as some refineries continued to process barrels even after Moscow’s invasion of Ukraine.
Europe was responsible for all of the growth, with increased shipments to customers in the Mediterranean, Northern Europe and Black Sea region. Exports to the Mediterranean increased by 140,000 barrels per day, the biggest jump ever. The European Union’s ban on overseas imports of Russian oil will take effect in December.
As before knowledgeable “Gazeta.ru”, the European Union did not begin to impose a full oil embargo against Russia and made an exception for the passage through the Druzhba pipeline. Bloomberg has calculated that Russia’s losses could be up to $22 billion a year. But Russian economists are confident that the appreciation of the Ural brand and increased demand from China, India and other Asian countries will allow Russia to reach zero by December 2022. Europe will have to look for new suppliers – so oil prices can rise to $ 150 per barrel in the summer.