• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 24 hours "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 3 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 10 hours "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 10 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 3 days The Federal Reserve and Money...Aspects which are not widely known
  • 1 day "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 7 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 3 days "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 10 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 11 days Goldman Betting on Cryptocurrencies
  • 14 days Сryptocurrency predictions
Editorial Dept

Editorial Dept

More Info

Premium Content

The Countries Benefiting From Russian Oil Bans

The EU finally reached an agreement — albeit a watered-down one — on banning Russian oil imports. The ban has been a long time coming - and it will be a long time coming still as the ban won't go into full effect until the end of the year. 

But that won't stop oil prices from reacting to the ban. 

The ban, of course, is designed to punish Putin by choking off Russia's oil revenues. But the West may be shocked to learn that what it has accomplished - at least in the short term - is its own misery in the form of higher crude prices. 

Russia, like other major crude oil producers this year, has benefited handsomely from crude oil sales since the huge price spike that began last Fall. For Russia, the timing couldn't have been more perfect. Those oil revenues are helping to fund its war in Ukraine. This unfortunate scenario is precisely what has prompted the EU to try to arrange some monetary punishment by refusing to purchase the international pariah's crude oil. But the ramifications will go well beyond Russia into the very countries that are seeking to choke off Russia's war funds - even into America.

Russia exports nearly 8 million bpd of crude oil and condensate - 2.3 million bpd of which makes its way into the EU. Of that 2.3 million bpd, 1.6 million bpd is shipping to the EU by sea. This is the first type of crude that will be banned. The rest of the crude that makes its way from Russia to the EU is shipped via pipeline,…

Leave a comment
  • John Donovan on June 04 2022 said:
    Very good analysis of the situation.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News