Posted by: 14-04-2019, 04:59
The Hill: Against the backdrop of US sanctions against Venezuela, Europe turns to Russia for oil
US sanctions against oil supplies from Venezuela and Iran are playing into Russia's hands. This is evidenced by the results of a new analysis, which showed that oil refineries turned to Russian exports in order to fill in the gaps, writes the US online edition. Currently, traders are looking for an alternative to Russian heavy oil.
On Friday, April 12, Reuters reported that the sanctions imposed by the United States against oil supplies from Venezuela and Iran led to a shortage of sour crude — oil that is heavier than that produced in countries like the United States. In the US, record levels of production of such varieties of oil are now observed, which are lighter than oil produced in Russia, Venezuela and Iran.
The sharp decrease in the availability of Iranian and Venezuelan oil — which is now almost impossible to buy because of the pressure exerted by the State Department on foreign companies — has led buyers to turn to Russian Urals oil.
“Urals oil has fixed in the positive zone compared to Brent oil, and there is no reason to believe that it will fall in price in the near future,” said one European analyst in an interview with Reuters.
The influx of buyers seeking to buy Urals brand oil allowed Russian companies to earn $ 140 million more in March than in October last year. According to analysts, a new large oil refinery in Turkey, built specifically for the processing of heavy oil, is likely to further aggravate the situation.
“It was expected that the launch of the STAR plant would result in a serious shake-up for the market, but we had no idea that the shortage of heavy oil would be so pronounced. Oil refineries are lining up for heavy oil, ”one trader said in an interview with Reuters.
Currently, traders are looking for an alternative to Russian heavy oil, but so far they have not managed to find a solution.
“All refineries are looking for Urals oil or its equivalent,” said one trader. “And we see that this oil is not enough for everyone.”
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