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China will weigh more than sanctions against Russia on the world oil market


ANALYSIS - Many economists are talking about the imminent return of strong Chinese demand, once post-Covid immunity has been acquired.

New sanctions against Russia came into force on Sunday.

This sixth series of measures decided by the European Union since the invasion of Ukraine targets the heart of the Russian economy: energy.

An embargo was decreed in early December on imports of Russian crude by boat.

Now, refined products are also targeted.

Diesel, heating oil, kerosene or gasoline can no longer be sold by Russia to EU Member States.

To the embargo will be added, as for crude oil, a cap on the purchase price for countries, excluding the G7 and Australia, which would like to continue to source from Russia.

Setting a ceiling price is, however, particularly complicated.

For crude oil, lengthy discussions led to the threshold of 60 dollars per barrel.

Any purchaser of oil from the Urals must not exceed this ceiling of 60 dollars if he intends to obtain the services (insurance, freight, etc.) associated with maritime transport, so far…

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Source: lefigaro

All news articles on 2023-02-05

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