LONDON—Russian oil trade was in disarray on Tuesday as producers postponed sales, importers rejected Russian ships and buyers worldwide searched elsewhere for needed crude after a raft of sanctions imposed on Moscow over the war in Ukraine. Numerous nations imposed sweeping sanctions against Russian companies, banks, and individuals following Russia’s invasion of Ukraine last week and global majors announced plans to leave multi-million-dollar positions in Russia. U.S., European and other governments exempted energy trade from sanctions to prevent already tight markets rallying further, but that has failed. Global benchmark Brent crude settled at nearly $105 a barrel on Tuesday, its highest since August 2014, as refiners, traders, and oil majors steer clear of Russia, out of an abundance of caution that they may unwittingly run afoul of sanctions somewhere. Russia is the second-largest exporter of crude worldwide, trailing only Saudi Arabia, as it ships out 4 million to 5 million …
Russian Oil Trade in Disarray Over Sanctions as Prices Blast Through $100/Bbl
March 2, 2022
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