Nearly 1.1M bpd of Russian oil might go to waste due to EU s...| MENAFN.COM

Sunday, 29 January 2023 05:32 GMT

Nearly 1.1M bpd of Russian oil might go to waste due to EU sanctions


(MENAFN) The EU is getting ready to force restrictions on Russia's seaborne crude oil imports on Monday, whereas specialists express their worries around provisions as 1.1 million barrels per day (bpd) of Russian oil is projected to go to waste.

To sanction Russia's economy because of its war with Ukraine, the EU chose on the 3rd of July to restrain buys of Russian crude oil starting on the 5th of December, in spite of its heavy depending on Russian hydrocarbon outputs. The EU is going to also block imports of petroleum outputs from Russia on Feb. 5.

Just one month before of the outbreak of the Russia-Ukraine conflict that started on Feb. 24, the bloc had been shipping in 2.4 million bpd of crude oil as well as 1.4 million bpd of oil outputs from Russia.

The restrictions, which are estimated to additionally deepen the EU's energy disaster, is going to be momentarily on hold for some landlocked nations, such as Hungary, Slovakia as well as Czechia.

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