The EU “is developing a plan to embargo Russian oil and that obviously moved the market” in the middle of the session, said Matt Smith of the firm Kpler.
For Andy Lipow of Lipow Oil Associates, this “completely changed” the course of prices.
“This would mean that European countries will look for an alternative offer, which is difficult to find because OPEC+ has refused to use its extra production capacity to complement Russian oil,” the analyst said to explain the sharp rise in prices.
Putin seeks new markets for Russian hydrocarbons
The Russian President, Vladimir Putincalled for developing new outlets for fossil fuels produced by his country, at a time when European countries are considering expanding their sanctions against Moscow’s hydrocarbons.
“Opportunities, options and alternative paths open up to us. As for Russian oil, gas and coal, we will be able to increase their consumption in the internal market (…) and increase the delivery of energy resources to other regions of the world that really need them,” he said in a speech.
Source: Ambito
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