Yuri Sentyurin, Ambassador for Special Missions of the Russian Foreign Ministry, stressed that the high demand of India and China for oil, the results of the banking crisis and the “discipline” to comply with sanctions against Russia are factors that may affect the dynamics of the oil market until the end of the year.
“Global energy is in a difficult situation due to irresponsible politicized decisions, including setting price ceilings, and the situation is fraught with the risk of turning into a crisis,” Senturin added, in an interview published by the Russian agency “Sputnik” today.
Western oil sanctions entered into force on December 5 last year, as the European Union stopped receiving Russian oil transported by sea, and the G7 countries, Australia and the European Union imposed a maximum price of seaborne oil at 60 dollars per barrel.
Also, on February 5, the European Union imposed a ban on the import of Russian oil products, and the Union also agreed with the Group of Seven and Australia to set a ceiling for the prices of Russian oil products, and to impose a ban on providing services, including financing and insurance for the transportation of those products, unless they were purchased. Under the agreed price ceiling of $100 per barrel for higher quality crude products (such as diesel and kerosene), and $45 per barrel for lower quality products (such as naphtha).
