• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 days Does Toyota Know Something That We Don’t?
  • 6 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 days America should go after China but it should be done in a wise way.
  • 6 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 4 days China is using Chinese Names of Cities on their Border with Russia.
  • 6 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 5 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 10 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
  • 6 days Putin and Xi Bet on the Global South
  • 6 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 7 days United States LNG Exports Reach Third Place
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
The Armenia-Azerbaijan Diplomatic Dance Continues

The Armenia-Azerbaijan Diplomatic Dance Continues

Armenian Prime Minister Pashinyan and…

Traders Cautiously Optimistic About Crude

Traders Cautiously Optimistic About Crude

In the forthcoming week, traders…

Oil Prices Sink As Germany Takes A Stance Against Ban On Russian Crude

One day after we reported that Germany had warned against a ban on energy imports from Russia, quoting Germany's Economy Minister Robert Habeck who said "I would not advocate an embargo on Russian imports of fossil fuels. I would even oppose it," adding that "we need these energy supplies to maintain the price stability and energy security in Germany," and warning that "a shortage in supply could threaten social cohesion in Germany", moments ago Bloomberg reported that Germany now openly opposes the push to stop Russian oil, gas imports.

“I’m not ruling out anything for the further development of this year,” German Finance Minister Christian Lindner tells reporters in Berlin when asked about the next steps against Russia. “At the current time, however, there is no new decision to be made.”  

“The government insists that we do not take the initiative to end our imports of oil, gas and coal to Germany”

“This option is of course on the table, but at the moment it doesn’t seem advisable to take this step ourselves in order to ensure the sustainability of the sanctions against Vladimir Putin” and that “we don’t hand long-term strategic advantages to Mr. Putin. We must recognize that accepting negative economic effects is also our contribution to solidarity with Ukraine”

Germany's Chancellor Scholz echoed the view, saying that Europe has deliberately exempted energy supplies from Russia sanctions as, at the moment, Europe's supply of energy cannot be secured in any other way.

The German position may explain why late on Sunday Bloomberg reported that the Biden administration is now considering whether to prohibit Russian oil imports into the U.S. without the participation of allies in Europe, which is likely aimed at isolating Germany's blocking position. 

And while the administration has yet to decide on a U.S. import ban "with the timing and scope of any move still fluid" buyer of Russian oil are already largely boycotting Russian energy, having self-imposed restrictions on purchases of Russian seaborne Brent which failed to find any buyers until it was offered at a $28.50 discount to dated Brent, when Shell emerged as a buyer only to issue a statement on Saturday explaining why it did so following global condemnation and vowing to donate all profits.

Meanwhile, the news that Germany is blocking a comprehensive Western embargo - coupled with some favorable news out of Libya which said that it was resuming oil production at its biggest oil field, Sharara, to the tune of 270-300bkpd - have helped push oil sharply lower from its overnight session highs of $139, with WTI trading at $119.1, up around $3.44 on the session, after being $15 higher earlier.


By Zerohedge.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

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