Mol wants the EU and other affected nations to take part in “revitalizing” the Odesa pipeline, which the company says would also provide an alternative to Russian oil for Serbia. Hungary and Serbia are currently building a pipeline connection.
A European official attending the G7 finance powwow in Banff, Canada, told Reuters that the U.S. Treasury team thinks market forces are already doing the heavy lifting. With Brent prices wobbling around $64—and Russia’s Urals blend clocking in at a $10 discount—Washington’s logic is that there’s no need to poke the bear when the bear’s already limping.
The Biden Administration on January 10 imposed the most severe sanctions on Russia’s oil yet, designating two major Russian oil companies, Gazprom Neft and Surgutneftegas, as well as 183 vessels, dozens of oil traders, oilfield service providers, insurance companies, and energy officials.
The Danish Maritime Authority will start conducting so-called Port State Control checks on ships anchored outside Skagen that “cannot be considered in innocent passage,” according to a statement. The controls will ensure ships comply with regulations on maritime safety, environmental protection and seafarers’ welfare.
Goldman Sachs analysts predict Brent crude prices could temporarily surge to $93 per barrel if sanctions successfully curb oil exports from Iran and Russia by a combined 1 million barrels per day (bpd). In a note shared by Zerohedge on X, the bank outlined a scenario where Iran faces persistent supply disruptions while Russia experiences temporary setbacks, tightening global crude markets. With geopolitical tensions already pressuring supply chains, traders are watching for any policy shifts that could exacerbate the squeeze.
Russia’s oil shipments via the Baltic Sea declined 10% over the final four months of 2024 due to the impact of EU sanctions against Russian oil and gas exports, the Finnish Border Guard has reported. Finland’s Coast Guard monitors the shadow fleet that Russia uses to export crude via the Gulf of Finland.
The European Union’s top diplomat Kaja Kallas said Ukraine’s allies should work toward lowering the price cap on Russian oil in order to deprive the Kremlin of revenue.
State controlled MOL becomes first European company to follow Ukraine’s recommendation to start buying Russian crude on Ukraine’s eastern borders, relieving the country from direct transit deals with Russian suppliers
North Sea oil and gas drilling will do little to stop global reliance on Russian energy, says expert
The UK has cited Russia’s power over global energy supply as a justification for expanding oil and gas drilling in the North Sea, but the plans may do little to dent Moscow’s fossil fuel exports.
Russia’s diesel and gasoil exports by sea increased by 5% in July compared to June as more refining capacity in Russia returned from seasonal maintenance, Reuters reported on Tuesday, citing data from trade sources and vessel tracking.