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.
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