The market not only deals with prices which increased after Russian military invasionbut also that the world oil system is running out, he said, which increases the margins of refinement and the costs of gasoline and diesel.
Some companies, including Shell, have closed or converted units permanently, while exports of refined products from Russia are restricted due to sanctions, it added.
In addition, “we have China that deliberately or for internal reasons does not export,” van Beurden said.
In Europe, gas supplies from the Russian gas pipelines decreased due to maintenance on Nord Stream 1, forcing European buyers to resort to imports from liquefied natural gas (LNG) and generated concerns Over the supplies before the peak demand of this boreal winter.
“I think it will be impossible to cover the entire gas capacity of the pipeline outside of Russia with LNG,” he said, adding that “if we are not going to take significant measures, such as saving energy, maybe some degree of rationing, It will be troublesome.”
Source: Ambito
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