Europe is currently importing over one million barrels per day of Russian oil, attempting to fill up before the EU-wide embargo on Russian crude imports comes into effect.
- Sep 07, 2022, 6:00 PM CDT
Alternative sources of crude oil are abundant for Europe, but the price will be set by the seller and the EU may soon find itself paying more for this critical energy source.Three months from now, an EU-wide embargo on Russian crude oil imports will kick in, shutting off almost all shipments of the commodity from Russia to Europe. But right now, Europe is importing over 1 million barrels of Russian crude daily and has been doing so for the last month.
Yet, Russia is exporting some 3.32 million barrels of crude daily by sea, Bloomberg calculations have shown, which means Europe is buying a third of that, while it still can. And this means that nothing has changed since June when the embargo was approved, and Europe will have to find alternative oil suppliers at a time of likely higher prices.
Exports of oil from Russia to northern Europe rose particularly markedly in the first week of this month, the Bloomberg calculations showed, suggesting India’s Petroleum Minister Hardeep Singh Puri, who told CNBC this week that “I said the Europeans buy more in one afternoon than I do in a quarter. I’d be surprised if that is not the condition still.”
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