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Date Posted: 10:27:53 2/11/23 Sat
Author: Jasper
Subject: Rosneft CEO: The Price Of Russia’s Flagship Oil Will Now Be Set By Asia

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The European Union imposed an embargo on most seaborne Russian crude oil imports in December as part of its sanction push against Moscow for its invasion of Ukraine. The EU also set, together with the G7, a price cap for Russian crude oil shipments to other countries in a bid to stymie the Kremlin’s oil revenues further.

The embargo and the price cap have widened the discount of Urals to Brent crude, making it attractive for buyers from China and India. In a matter of months, even before the December embargo went into effect, most of the Russian oil that used to go to Europe, had been redirected to the two Asian powerhouses.

https://oilprice.com/Latest-Energy-News/World-News/Rosneft-CEO-The-Price-Of-Russias-Flagship-Oil-Will-Now-Be-Set-By-Asia.html

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