Tuesday, March 22, 2022
Although Russian supply flows to Europe remain stable, some buyers in Europe are laying out plans to reduce their reliance on Russian oil, according to Reuters.
Western sanctions over Russia’s invasion of Ukraine and outright bans imposed by the United States, Canada and Australia have pushed European buyers to shun Russian oil. The International Energy Agency estimates around 2.5 million barrels per day of Russian oil and products may not find their way to the markets in April.
Meanwhile, Russian officials have expressed hope that supplies would remain stable, while oil exports and transit from the country’s western ports and Druzhba pipeline were expected to rise in the second quarter.
For a full list of who is still buying Russian oil or phasing it out, visit Reuters.
Learn more: Reuters > Factbox: Countries and companies shun Russian crude over Ukraine invasion
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