European Union oil embargo looming: news for the morning of November 22

Oil supplies from Russia to Northern Europe have fallen 90% since February, and Novak confirmed Russia’s refusal to supply oil to countries imposing a price ceiling – these and other important news for Tuesday morning, November 22, in our daily review.

In the weeks before the EU oil sanctions came into effect, Russian crude shipments to Northern Europe fell 90% from early February, from 1.2 million to 95,000 bpd, Bloomberg calculated. Rotterdam remained the only European shipping destination outside the Mediterranean and Black Sea basins.

Deputy Prime Minister Alexander Novak confirmed Russia’s plans to refuse to supply oil and oil products to countries that join the price ceiling. Supplies will be reoriented to partners that adhere to market-based pricing principles, and oil production may be reduced, he told reporters.

Saudi Arabia is not and has not discussed plans to increase production with other OPEC+ oil producers, Energy Minister Prince Abdulaziz bin Salman said. His comment on reports of a 500,000 bpd increase in oil production is quoted by Saudi Press Agensy (SPA).

The cost of January Brent crude futures on London’s ICE bounced to $86.88 a barrel, the rate of decline slowed to 0.84% after Saudi Arabia categorically denied that OPEC was discussing an increase in production.

The Board of Directors of the Bank of Russia allowed VEB.RF and authorized banks to take out of the country withdrawn from circulation or announced to be withdrawn from circulation money to the amount of $10,000 (or the equivalent of this amount in another foreign currency) for their exchange. This is reported on the regulator’s website.


Notice: ob_end_flush(): failed to send buffer of zlib output compression (0) in /home2/xwealths/public_html/wp-includes/functions.php on line 5349