WSJ learned about the growth of oil transportation from Russia due to sanctions

European shipowners are increasing the transportation of Russian oil before the entry into force of sanctions, CHINAalso doubled fuel purchases, the WSJ learned.Restrictions on oil supplies to the EU will come into force in December

Tanker owners in Europe have increased the volume of Russian oil shipped before restrictive measures against fuel from RUSSIA come into force, Greek ships are transporting record volumes, writes The Wall Street Journal.

The publication, citing data from brokers, writes that Greek tanker owners, who control about a third of their global number, transported about half of Russian oil in May and June. During these two months, Greek ships made 151 calls to the Russian ports of the Black and Baltic Seas, whereas a year earlier, only 89 calls were made during the same period.

Shipping brokers told the WSJ that strong demand for oil since late February has driven prices for medium-size Aframax tankers up from $10,000 in January to about $40,000 a day. According to major tanker owners, about a third of the tanker fleet could be suspended due to sanctions, but this situation will not last long due to high global demand.

China has doubled its purchases of Russian-made oil in recent months, from a daily 670,000 barrels, according to data from analyst firm Vortexa. in February to 1.13 million barrels. in June.

Ukraine threatened with lawsuits JPMorgan and HSBC because of Russian oil Economics

Restrictions against Russian oil were included in the latest, sixth package of sanctions approved by the European Union at the end of May. The ban was introduced from June with a transitional period (for oil until December 2022 and for oil products until February 2023) for contracts concluded before the embargo came into force and new one-time transactions on the spot market. The embargo applies to offshore oil shipments, but not to exports through pipelines, through which EU members, including Hungary, Germany and Poland, received about a third of the oil.

Tanker operators will not be banned from shipping outside the continent, but ships will not be able to obtain insurance, making any voyages illegal under international maritime law, the WSJ points out.

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In mid-July, BLOOMBERG wrote about the increase in the supply of Russian diesel fuel and other refined products to the Middle East. In June, the volumes reached 155 thousand barrels. per day. This was the highest since the beginning of 2016. More than a third of all cargo went to Fujairah, the oil trading and storage center in the east of the UAE. Tracking what happens to Russian fuel after it is unloaded in Fujairah is difficult, said Cohen Wessels, senior oil products analyst at Energy Aspects consulting company.

Europe for the first time in six years has overtaken Asia in oil imports from the United States Economy

The United States, together with allied Western countries, are discussing the maximum price for oil from Russia, the possible level of restriction will be $40-60 per barrel, Bloomberg learned in early July. According to the interlocutor of the agency in the White House, several meetings a week are now devoted to this issue.
 

The Russian authorities consider the sanctions illegitimate. “We see that the West is trying to force other oil exporting countries to increase production volumes. But the global energy market is very calm, stable in fact and does not tolerate any fuss. The mistakes already made here cannot be corrected in two days,” said President Vladimir Putin .

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