Disruptions to Russian oil exports intensified on Wednesday with more countries and companies refusing to import and transport Russian crude and at least 10 tankers failing to find buyers, driving oil and gas prices higher.
The United States and the European Union have imposed harsh sanctions on Russia for the invasion of Ukraine but so far have refrained from direct measures on Russian energy exports after oil and gas prices have soared to multi-year highs.
Many Western buyers though have already refrained from buying Russian oil as they await sanction clarifications.
As a result, some 7 million barrels per day of Russian oil and products exports and an additional 1.2 million bpd of Kazakhstan's exports via Russia - amounting to a combined 8% of global supply - have been disrupted in recent days.
Canada said it would shut ports to Russian-owned ships and oil tanker company Frontline said it was unlikely to transport Russian crude.
One of the top Russian oil firms, Surgutneftegaz, failed to find buyers for nine tankers with 6.5 million barrels of crude, traders said.
The ship-owners of two crude oil tankers due to load Russian and Kazakh oil from the Black Sea cancelled the shipments, traders said.
As Russian oil export disruptions widened, buyers began to look for alternative supplies in an already tight market.
State-run Indian refiner Bharat Petroleum Corp. was seeking extra oil from the Middle East and Polish refiner PKN Orlen ordered five additional North Sea oil tankers from Saudi Aramco.
Inside Russia, the independent Novoshakhtinsk refinery suspended operations due to falling demand for Russian oil products.
The increase in the price of oil has nothing to do with the war in Ukraine. No oil fields have been destroyed and the Russians need to sell their oil to finance their war. The explosion in the price of oil is due to the unprecedented sanctions taken on Russia which has made its oil so toxic that nobody wants to touch it. As there is no spare capacity, the price of oil will continue to surge until either, Biden loosens the sanctions or there is demand destruction.
The rise in the price of oil is entirely the fault of Biden, first with his energy transition policy which has brought the price of gas at over $5 per gallon in the Bahamas and now it could double due to the sanctions imposed on Russia by the USA.
Breaking news. Biden has completely wrecked the oil market by making Russian oil untouchable. We are going to see an oil crisis not see since 1979. But remember when you pay $10 per gallon, this is to punish Putin (says Biden).
However, I fear that his conclusion may be erroneous. With this war Putin has overplayed his hand and now Biden and his European allies are intent on destroying the Russian economy, at whatever the cost may be for the rest of the world. As for NATO it will be strengthened as it is finally able to justify its existence and Finland and Sweden have expressed a desire to join.
BTW the barrel of oil is up 11% today because of the sanctions imposed on Russia (highest price since 2014). This is what you call shooting yourself in the foot. Unfortunately the Bahamas will be a collateral victim of this war.
Proguing says...
Current situation in the oil market:
Disruptions to Russian oil exports intensified on Wednesday with more countries and companies refusing to import and transport Russian crude and at least 10 tankers failing to find buyers, driving oil and gas prices higher.
The United States and the European Union have imposed harsh sanctions on Russia for the invasion of Ukraine but so far have refrained from direct measures on Russian energy exports after oil and gas prices have soared to multi-year highs.
Many Western buyers though have already refrained from buying Russian oil as they await sanction clarifications.
As a result, some 7 million barrels per day of Russian oil and products exports and an additional 1.2 million bpd of Kazakhstan's exports via Russia - amounting to a combined 8% of global supply - have been disrupted in recent days.
Canada said it would shut ports to Russian-owned ships and oil tanker company Frontline said it was unlikely to transport Russian crude.
One of the top Russian oil firms, Surgutneftegaz, failed to find buyers for nine tankers with 6.5 million barrels of crude, traders said.
The ship-owners of two crude oil tankers due to load Russian and Kazakh oil from the Black Sea cancelled the shipments, traders said.
As Russian oil export disruptions widened, buyers began to look for alternative supplies in an already tight market.
State-run Indian refiner Bharat Petroleum Corp. was seeking extra oil from the Middle East and Polish refiner PKN Orlen ordered five additional North Sea oil tankers from Saudi Aramco.
Inside Russia, the independent Novoshakhtinsk refinery suspended operations due to falling demand for Russian oil products.
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The increase in the price of oil has nothing to do with the war in Ukraine. No oil fields have been destroyed and the Russians need to sell their oil to finance their war. The explosion in the price of oil is due to the unprecedented sanctions taken on Russia which has made its oil so toxic that nobody wants to touch it. As there is no spare capacity, the price of oil will continue to surge until either, Biden loosens the sanctions or there is demand destruction.
On GOVT STEPPED IN TO BLOCK BPL RATE RISE: Planned increase shelved after Cabinet ruled rise needed ministers’ approval
Posted 2 March 2022, 1:53 p.m. Suggest removal
Proguing says...
The rise in the price of oil is entirely the fault of Biden, first with his energy transition policy which has brought the price of gas at over $5 per gallon in the Bahamas and now it could double due to the sanctions imposed on Russia by the USA.
On ‘We stand with Ukraine – it will affect us too’
Posted 2 March 2022, 5:20 a.m. Suggest removal
Proguing says...
Breaking news. Biden has completely wrecked the oil market by making Russian oil untouchable. We are going to see an oil crisis not see since 1979. But remember when you pay $10 per gallon, this is to punish Putin (says Biden).
On ‘We stand with Ukraine – it will affect us too’
Posted 1 March 2022, 6:10 p.m. Suggest removal
Proguing says...
This is a good article for once by Mr. Allen.
However, I fear that his conclusion may be erroneous. With this war Putin has overplayed his hand and now Biden and his European allies are intent on destroying the Russian economy, at whatever the cost may be for the rest of the world. As for NATO it will be strengthened as it is finally able to justify its existence and Finland and Sweden have expressed a desire to join.
On Hopefully the end of NATO
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Proguing says...
This will only have a temporary effect. We are moving into a period of Stagflation.
On ‘We stand with Ukraine – it will affect us too’
Posted 1 March 2022, 1:52 p.m. Suggest removal
Proguing says...
When he was VP. Here is the video of him bragging about it:
https://www.youtube.com/watch?v=UXA--dj…
On ‘We stand with Ukraine – it will affect us too’
Posted 1 March 2022, 12:37 p.m. Suggest removal
Proguing says...
BTW the barrel of oil is up 11% today because of the sanctions imposed on Russia (highest price since 2014). This is what you call shooting yourself in the foot. Unfortunately the Bahamas will be a collateral victim of this war.
On ‘We stand with Ukraine – it will affect us too’
Posted 1 March 2022, 12:33 p.m. Suggest removal