According to journalists, over the past month, the volume of fuel in drifting tankers has more than quadrupled and set an all-time record.
Russian oil companies have problems with the export of diesel fuel, which since February has been under the influence of a European embargo and a “price ceiling” from the G7 countries. On March 10, 2023 Bloomberg agency reports about it.
So, despite discounts, the size of which reaches a third of world prices, diesel of Russian origin remains in tankers drifting in the ocean and is waiting for buyers.
According to Bloomberg, in early spring, there were 4.4 million barrels of unsold diesel on ships. During the past month, fuel volumes have more than quadrupled and set an all-time record.
At the same time, Russia continues to ship diesel from ports, although Moscow is well aware that it is unlikely to find buyers for its fuel. According to analyst Mark Williams, if unsold volumes increase, then, most likely, diesel exports will have to be reduced, while simultaneously putting its production under the knife.
Therefore, starting from the second quarter of 2023, Russian refineries will have to suspend work, then the reduction in oil refining will be up to 1 million barrels per day.
Russia, meanwhile, began to cooperate more actively with the United Arab Emirates in order to sell its energy products. According to Reuters, in the UAE, the Russian Federation has found a new market for itself after Western sanctions effectively blocked the European market for the Kremlin to sell oil and oil products.
At the same time, the Arab countries of the Persian Gulf are dissatisfied with the US pressure, which demanded that they isolate the Russian Federation and produce more oil, so they agree to cooperate with the aggressor country.
The economy of the aggressor country reacts strongly to the prices of oil and other energy carriers, since oil is a kind of reserve for Russia. Therefore, according to economist Vitaly Shapran, as long as there are cash payments in the national currencies of Iran, India and even Afghanistan, as well as physical payments in gold, there will be no full control over the implementation of the sanctions restrictions by the Russian Federation.
It was also reported that the war in Ukraine will continue to devastate the Russian economy, and by 2026 it will lose 190 billion dollars.
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