Alexey Belogoryev, Deputy Principal Director on Energy Studies of the Institute for Energy and Finance, gave a live interview to the Komsomolskaya Pravda radio station about the imposition of an embargo by the EU on the supply of Russian oil and oil products.
In his opinion, the decision to impose a ban on oil supplies is purely political, so it could not be taken for a month and a half.
“The world market is global in nature, such a single space, therefore, if they do not take oil from Russia, then they will take oil from other consumers, who, in turn, will be forced to buy this oil in Russia. There is such a vicious cycle here. That is, Russian oil will find a buyer anyway, at a reduced price, unfortunately. But the European Union, for its part, will most likely pay more for alternative oil. That is, the EU and Russia will lose in the end,” the expert said.
“This is a painful decision that the oil companies opposed. The refineries have not been upgraded and have not even tried to start upgrading for any other grades, so they will have to look for heavy medium-sulphur grades of similar quality on the market. There is a chronic shortage of such varieties on the market. You can find them, the question is at what price,” Belogoryev said.
Subscribe for updates
and be the first to know about new publications