Alexander Titov, Head of the Global Oil Market Sector at the Energy Department of the Institute for Energy and Finance, commented to the internet portal Sekret Firmy about the possible damage to Russia from the EU oil embargo.
Alexander Titov noted that pipeline oil supplies to Europe in 2021 amounted to about 800,000 barrels per day. At the same time, the total level of world exports of crude oil from the Russian Federation was at the level of 5 million barrels per day, of which 2.5 million barrels fell specifically to the EU countries.
“Consequently, in the sixth package of sanctions, restrictions are imposed on 68% of crude oil supplies to the EU or 34% of total crude oil exports. If we add to this restrictions on the supply of petroleum products from the EU, then the share of Russian exports "at risk" will increase to 3.24 million barrels per day - 41.2% of world exports or 80.2% of supplies to the EU. Thus, the embargo will be very painful for Russia and will affect very large volumes of exports,” the expert explained.
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