HomeMediaLatest NewsThe market does not expect a drawdown in Russian oil exports due to US sanctions

The market does not expect a drawdown in Russian oil exports due to US sanctions

Belogoryev Alexey M. Research and Development Director, Director of the Center for Energy strategic analysis and forecasting

Alexey Belogoryev, Research and Development Director of the Institute for Energy and Finance, commented to TASS on the new US sanctions against the Russian oil industry.

The US sanctions imposed on Friday against the Russian oil and gas sector, according to market participants, will not lead to a significant decrease in oil exports from Russia, but will increase logistics costs and discounts, Alexey Belogoryev said.

He noted that the full extent of the sanctions' impact on exports would not become clear until several weeks later.

Nevertheless, according to him, the most serious part of the sanctions package is related to tankers, and US sanctions are really capable of disrupting the logistics of Russian supplies for a while.

"At a minimum, they will lead to a noticeable increase in transportation costs and, consequently, an increase in discounts on Russian oil - the difference in shipping prices at Russian ports and unloading at recipient ports," Belogoryev said.

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