Post-lockdown China and India lowering its energy bill are likely to take up the slack
An oil refinery is seen in this file photograph. Picture: REUTERS
“This immediately covers more than two-thirds of oil imports from Russia, cutting a huge source of financing for its war machine. Maximum pressure on Russia to end the war,” he said. So far Russia has been able to export crude at volumes little changed from before the attack on Ukraine, with commodity consultants Kpler estimating that May’s exports will be the highest since October 2019.
The question for crude oil markets is how successful Russia will be in finding new buyers to replace customers in Europe. And even if it can find willing purchasers, will it be physically able to ship crude on the longer sea voyages from its ports in Europe to Asia?
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