MOSCOW, 17 Sep — PRIME. Russia may find new markets for about half of its crude oil exports, which will be banned by the European Union from December, Bloomberg reports, citing data from energy company Kpler.
As noted, Indonesia, Pakistan, Brazil, South Africa, Sri Lanka and some countries of the Middle East can buy up to a million barrels of crude oil per day from Russia this winter.
The article says that the Russian oil industry, which accounts for approximately 10% of global production and is a key source of the country’s income, has already faced serious sanctions after the start of a special operation in Ukraine. EU members still buy some Russian oil, but will ban most imports of Urals crude oil in December and a ban on refined products in February. The International Energy Agency estimates that this could cut Russia’s oil production by nearly 2 million barrels a day from pre-operation levels if the flows are not diverted elsewhere.
Companies from Russia are already redirecting their products to Asia, mainly to India and China, as a number of European buyers voluntarily refuse Russian oil. At the same time, Urals is traded at large discounts in relation to world standards.
The redistribution of global crude oil flows could partially crowd out the exports of other OPEC+ members. The Middle East, which could consume up to 500,000 barrels of Russian oil a day this winter, could divert oil previously used domestically to export markets, according to Kpler.
“There may be a temptation to ship Urals to refineries and allow varieties like Arab Light to ship freely to Asia,” the report said.
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