Tankers are seen running to Russia as the oil expense cap involves exports

Tankers are seen running to Russia as the oil expense cap involves exports

December 7, 2022: -On Monday, two tankers were heading to Russia expecting, which filled with Russian crude as a rates cap on its oil exporting from a coalition of Western areas went into effect.

On Friday, the European Union agrees to cap Russian seaborne oil prices at $60 a barrel, which aims to limit Moscow’s earnings and curb its ability to finance its Ukraine invasion.

Russian President Vladimir Putin and increased Kremlin officials have repeatedly said that they will not provide oil to countries implementing the price cap.

In comments published on Telegram after the cap was agreed upon, Russia’s embassy in the U.S. criticized what it added was the “reshaping” of free market areas and reiterated that its oil would keep going to be in demand even after the measures.

But while Russia is moving ahead on its vow not to sell its oil to countries that implement the expense cap, it is not being deterred from finding buyers for its oil. The G7 price cap allows non-EU countries to continue which imports seaborne Russian crude oil but should be sold for less than the price cap.

Trade intelligence company VesselsValue, tracking the trade of Russian oil, told CNBC that there had been a substantial downfall in Russian crude as European imports with many other markets even after being sought out.

“This is anticipated to carry on into December as the correct sanctions begin,” stated Peter William, trade product manager at VesselsValue. “Russia has potentially found substitute needs for their crude with India and China surging seaborne substances from Russia.”

 

Jacques Rousseau, the managing director of the oil and gas at ClearView Energy Partners, says there is a disconnect between the U.S. Energy Information government and OPEC Russian oil production forecasts.

“In comparison 4Q 2022 to 1Q 2023, the EIA is projecting a decrease of ~1.35 MM bbl/d vs OPEC’s forecast of a ~0.85 MM bbl/d refusal,” said Rousseau. “The level of the quarter-on-quarter Russian oil production refusal could be the difference amid a global balance shortfall or overload in 1Q 2023 and if or not OPEC+ needs to reduce its production targets again.”

MarineTraffic is seeing two empty tankers headed to Russia. One tanker is Minerva Marina, which sails under the Maltese Flag.

The other is the Moskovsky Prospect, which sails under the Liberian Flag and comes directly from Bombay, India.

Editor's Choice

Posts You Might Like

A Leader in Unrivalled Security | Joseph McGee

Following a distinguished Law Enforcement career Joe McGee founded The Securitatem Group to provide contemporary global operational specialist security and specialist security training products and services for private clients, corporate organisations, and Government bodies. They deliver a wide range of services, including complete end-to-end protection packages, close protection, residential security, protection drivers, and online and physical installations. They provide covert and overt investigations and specialist surveillance services with a Broad range of weapons and tactical-based training, including conflict management, risk and threat management, tactical training, tactical medicine, and command and control training.

Styling the Perfect Wine | Jay Wright

Jay Wright, CEO and Co-Owner of Virgin Wines infectious energy, enthusiasm, passion and drive has been instrumental in creating an environment that encourages talent to thrive and a culture that puts the customer at the very heart of every decision-making process.

Leading Farmacosmo with Vision and Innovation | Fabio de Concilio

Fabio de Concilio is the visionary CEO & Chairman of the Board at Farmacosmo, a leading organization dedicated to mental health and community support services. With a deep commitment to identifying and meeting customer needs, Fabio ensures that high standards are maintained across the board.

Creating A Cleaner & Healthier Environment | David CM Carter

Character Determines Destiny – so said Aristotle. And David CM Carter believes that more than anything else. For David, it has been numerous years of research into codifying Entelechy Academy’s 54 character qualities that underpin everything he stands for as a leader and teacher.

The-corporate-magazine-15

Leave us a message

Subscribe

Fill the form our team will contact you

Advertise with us

Fill the form our team will contact you​