US forces Europe to buy expensive oil from Russia
European refineries have to pay for the sanctions measures taken by the United States against Iran and Venezuela. Failure to supply oil from these states forces the EU countries to purchase more expensive Urals brand oil from Russia.
This is described in an article published by the Reuters news agency.
US sanctions have blocked access to European high sulfur oil markets. Although there is a significant increase in production in the United States, this oil cannot replace Venezuelan and Iranian, as it is lighter and more expensive.
We must not forget that this whole story takes place against the background of a significant reduction in oil production, which the OPEC countries have agreed on.
It turns out that the world market receives less than 800 thousand barrels per day from Iran and Venezuela. The supply of OPEC countries decreased by about the same amount. At the same time, there is a significant increase in demand for "black gold" in Asia, which further exacerbates the shortage of cheap sulfur oil for European consumers. This cannot but cause a rise in prices.
Russia was the winner in this situation, as the sales of its Urals brand oil to Europe increased significantly.
This is described in an article published by the Reuters news agency.
US sanctions have blocked access to European high sulfur oil markets. Although there is a significant increase in production in the United States, this oil cannot replace Venezuelan and Iranian, as it is lighter and more expensive.
We must not forget that this whole story takes place against the background of a significant reduction in oil production, which the OPEC countries have agreed on.
It turns out that the world market receives less than 800 thousand barrels per day from Iran and Venezuela. The supply of OPEC countries decreased by about the same amount. At the same time, there is a significant increase in demand for "black gold" in Asia, which further exacerbates the shortage of cheap sulfur oil for European consumers. This cannot but cause a rise in prices.
Russia was the winner in this situation, as the sales of its Urals brand oil to Europe increased significantly.
Information