2022-06-03 13:10:00
RUSSIAN SANCTIONS RISES PRICES
PLATTS - 02 Jun 2022 - The Russian Foreign Ministry said June 2 that the latest EU sanctions restricting imports of Russian oil and banning shipping insurance, will lead to further price rises.
Oil prices have seen major volatility in recent months, as Russia's invasion of Ukraine raised supply security risks and triggered sanctions and self-sanctions on purchases of Russian oil.
Dated Brent was assessed at $100.49/b by S&P Global Commodity Insights on Feb. 23 – the day before Russia invaded Ukraine. It soared to $137.64 March 8 before dropping back down. It was last assessed at $122.96/b on June 1.
"The EU's decisions to partially phase out Russian oil and oil products, as well as to ban the insurance of Russian merchant ships, are highly likely to provoke further price increases, destabilize energy markets, and disrupt supply chains," the Russian Foreign Ministry said in a statement.
On May 30, EU leaders agreed to ban most Russian oil imports. Deliveries via the Druzhba pipeline are excluded from the ban.
Platts Analytics estimates the latest EU measures will hit some 1.9 million b/d of Russian crude imports by the year end, with some 300,000 b/d still flowing to Hungary, Slovakia and the Czech Republic via pipeline. Another 1.2 million b/d of refined product imports from Russia would cease by the end of the year.
Hungarian imports via Druzhba are currently at around 20,000 mt/day, Peter Szijjarto, Minister of Foreign Affairs and Trade of Hungary said June 2.
"We have a very stable supply of that amount of oil on a daily basis, so what we count on is that deliveries will be according to the contract," Szijjarto said.
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Earlier:
2022, June, 2, 11:55:00
OIL PRICE: BRENT NEAR $116, WTI ABOVE 112
Brent was down $2.07, or 1.8%, at $114.22 a barrel, WTI dropped $2.21, or 1.9%, to $113.05 a barrel.
2022, June, 2, 11:50:00
OPEC OIL PRICE: $122.94
The price of OPEC basket of thirteen crudes stood at $122.94 a barrel on Tuesday,
2022, June, 2, 11:40:00
RUSSIA SANCTIONS SPLIT
Another group of officials, many based at Janet Yellen’s Treasury Department, worry about further strains on a global economy already suffering from supply-chain woes, inflation, volatile oil prices and a potential food crisis.
2022, June, 2, 11:35:00
OPEC + RUSSIA STRENGTHENING
Meanwhile those with spare capacity – primarily Saudi Arabia and the UAE – have held off on breaching their quotas to maintain OPEC+ unity rather than spark a market share battle.
2022, June, 1, 10:55:00
RUSSIA SANCTIONS $285 BLN
Even with some countries halting or phasing out energy purchases, Russia's oil-and-gas revenue will be about $285 billion this year, according to estimates from Bloomberg Economics based on Economy Ministry projections.
2022, June, 1, 10:45:00
OPEC EXPLORING THE IDEA
Oil still posted its longest run of monthly gains in more than a decade.
2022, May, 13, 11:30:00
RUSSIAN SANCTIONS FOR EUROPE
Germany, Russia's top client in Europe, said some subsidiaries of Gazprom Germania were receiving no gas because of the sanctions.
