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This new trend comes with the adoption of the extraordinary European Union summit in Brussels, a gradual ban on… Russian oil It is part of the sixth package of European sanctions against Moscow over its 100-day war in Ukraine.
On the other hand, as a proactive step, according to oil and energy experts, Moscow worked to shift its oil compass from the European continent, which used to account for more than 50 percent of Russian oil exports, towards the continent of Asia, by raising the pace of its sales of black gold to its countries, at special encouraging preferential prices. To the two giants, India and China, which have become major importers of Russian oil.
Observers believe that Beijing and New Delhi will probably be the biggest beneficiaries of European sanctions on Moscow, by obtaining their increasing oil needs from Russia at reduced prices, in light of the continuous rise in energy prices globally on the impact of the war and Western sanctions.
On the other hand, others point out that the ban on Russia’s oil, even partially by the Europeans, will obviously result in a greater rise in the prices of oil and its derivatives in the region. Europe And around the world.
Commenting on the repercussions of this transformation on global energy markets and their balances and stability, Amer Al-Shobaki, an economist and consultant in the oil and energy sector says: "Undoubtedly, the features of a new map of global energy are now being drawn on the impact of the interactions and sharp alignments of the Ukrainian crisis.".
Al-Shobaki indicated in an interview with the site "Sky News Arabia"until "New Delhi is the largest oil importer in the world, and therefore Moscow will be able to absorb the surplus of its oil previously sold to Europe, and easily market it to the oil-hungry Chinese and Indian markets, especially if it is cheap, as the Russians sell their oil at a cheaper price of about $ 30 per barrel than the price of a barrel of oil Brentwithin the framework of what they call a reduction of friendly and allied countries".
The expert continued: "Although the costs of transporting Russian oil from the Black Sea ports to Europe are much lower than the costs of transporting it to Asian countries through the Mediterranean, the Suez Canal, and then the Red Sea, the sharp nature of the conflict between Russia and the West imposes its logic and options".
Thus, the quantities of Russian oil recently sent to China and India, as Al-Shobaki explains, "It is the largest in the history of Russian oil shipments and exports, and certainly this will constitute a good and profitable option for Russia to compensate for its oil exports to Europe, which are declining due to the crisis that may stop at any moment, especially after the decision of the European summit to start implementing a partial ban on it.".
The consultant in the oil and energy sector continues: "The Europeans, by excluding Russian oil transported through pipelines from the embargo, which came in particular to take into account Hungary, which strongly rejects the Russian oil embargo and which reaches it through the Drugba pipeline, reveal once again the fact that imposing a complete and comprehensive embargo on oil imports from Russia to European Union countries, seems a difficult option Not to say impossible".
While huge and record quantities of Russian oil continue to be shipped on board tankers to China And India, over the past weeks, especially after the outbreak of the war in Ukraine, Asia surpassed Europe as the largest importer of Russian oil for the first time last April, amid expectations of an increase in Russian oil sales in Asian markets in the coming months, and in light of the recent European decision.
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This new trend comes with the adoption of the extraordinary European Union summit in Brussels, a gradual ban on… Russian oil It is part of the sixth package of European sanctions against Moscow over its 100-day war in Ukraine.
On the other hand, as a proactive step, according to oil and energy experts, Moscow worked to shift its oil compass from the European continent, which used to account for more than 50 percent of Russian oil exports, towards the continent of Asia, by raising the pace of its sales of black gold to its countries, at special encouraging preferential prices. To the two giants, India and China, which have become major importers of Russian oil.
Observers believe that Beijing and New Delhi will probably be the biggest beneficiaries of European sanctions on Moscow, by obtaining their increasing oil needs from Russia at reduced prices, in light of the continuous rise in energy prices globally on the impact of the war and Western sanctions.
On the other hand, others point out that the ban on Russia’s oil, even partially by the Europeans, will obviously result in a greater rise in the prices of oil and its derivatives in the region. Europe And around the world.
Commenting on the repercussions of this transformation on global energy markets and their balances and stability, the economist and consultant in the oil and energy sector Amer Al-Shobaki says: “Undoubtedly, the features of a new map of global energy are being drawn up on the impact of the interactions of the Ukrainian crisis and its sharp alignments. Permanent and long-term, as Russian oil exports shift from Europe towards Asia, especially towards India and China.
Al-Shobaki indicated in an interview with “Sky News Arabia”, that “New Delhi is the largest importer of oil in the world, and therefore Moscow will be able to absorb the surplus of its oil previously sold to Europe, and easily market it to the Chinese and Indian markets thirsty for oil, especially if it is cheap, as the Russians sell Their oil is cheaper by about $30 per barrel than the price of a barrel of oil Brentwithin the framework of what they call a reduction of friendly and allied countries.
The expert continued, “Although the costs of transporting Russian oil from the Black Sea ports to Europe are much lower than the costs of transporting it to Asian countries through the Mediterranean, the Suez Canal, and then the Red Sea, the sharp nature of the conflict between Russia and the West imposes its logic and options.”
Thus, the quantities recently sent of Russia’s oil to China and India, as Al-Shobaki explains, “are the largest in the history of Russian oil shipments and exports, and certainly this will constitute a good and profitable option for Russia to compensate for its oil exports to Europe that are declining due to the crisis that may stop at any moment, especially after The European Summit’s decision to start implementing a partial ban on it.”
And the consultant in the oil and energy sector continues: “The Europeans, excluding Russian oil transported through pipelines from the embargo, which came in particular to take into account Hungary, which strongly rejects the embargo on Russian oil, which reaches it through the Drugba pipeline, they reveal once again the fact that imposing a complete and comprehensive embargo on oil imports from Russia to the European Union, it seems a difficult choice, not to say impossible.”
While huge and record quantities of Russian oil continue to be shipped on board tankers to China And India, over the past weeks, especially after the outbreak of the war in Ukraine, Asia surpassed Europe as the largest importer of Russian oil for the first time last April, amid expectations of an increase in Russian oil sales in Asian markets in the coming months, and in light of the recent European decision.