The oil terminal near Novorossiysk stood up due to an accident. Sanctions prevent repairs

Alexey Gromov, Principal Director on Energy Studies, and Sergey Kondratiev, Deputy Head of the Economic Department of the Institute for Energy and Finance, commented to Gazeta.ru on the consequences of the accident at the oil terminal near Novorossiysk for European consumers.

The key victims, according to Sergey Kondratiev, could be the Mediterranean countries, primarily Italy. According to him, amid a shortage of supplies of Kazakh oil to the Mediterranean countries, the European Union is unlikely to dare to impose an oil embargo against Russia. Otherwise, France and Italy will face a sharp jump in the exchange value of crude oil by $10-20.

Alexey Gromov noted in a conversation with Gazeta.Ru that even before the accident at the CPC terminal, Moscow had plans to increase the pumping of Russian oil. It was about using 10% of the free capacity of the consortium - about 5-6 million tons.

“If pumping through the pipeline due to an accident decreases by three to five times within one and a half to two months, Europe will have big problems. The accident at the CPC terminal may correct the plans of Equinor, Shell to refuse the supply of Urals. Theoretically, in May-June, they could contract individual parties from Moscow to compensate for the April deficit,” Gromov concluded.