Who does the EU rely on to embargo Russian oil?
The question is whether any of these countries have the technical capabilities and, more importantly, are they willing to stand up?
Western countries have imposed a series of sanctions against Russia, but the European Union (EU) has yet to reach a consensus on the oil and gas embargo – Moscow’s main source of revenue, because of worries. fear their economic damage.
The EU’s Russian oil embargo (if any) could result in a deficit of 2.2 million barrels of crude oil per day and 1.2 million barrels of petroleum products per day, according to the International Energy Agency.
Although Middle Eastern countries hold almost 50% of the world’s discovered oil reserves, problems related to infrastructure, conflict, politics and sanctions may be the reason why they cannot. “save” Europe.
Saudi Arabia, the largest producer in the Organization of the Petroleum Exporting Countries (OPEC), has repeatedly rejected the US proposal to boost production beyond the quota agreed long ago with Russia and other non-OPEC countries. Therefore, Saudi Arabia is unlikely to respond to Europe’s call to increase production.
For various reasons, Middle Eastern countries are unlikely to be able to make up for the supply deficit for the EU if the organization embargoes Russian oil. Photo: Reuters
Middle Eastern countries could redirect existing Asian supplies to Europe, but the move could damage their partnership with key customer China, the company’s Robin Mills said. Qamar Energy (Dubai) confirmed.
In theory, Iraq could pump another 660,000 bpd, Cmarkits (London) CEO Yousef Alshammari said. However, sectarian divisions and political stalemate in Baghdad mean that Europe cannot count on Iraq, especially since the country lacks the infrastructure to increase supply and investment inflows. Oil projects can take many years to produce “sweet fruit”.
Iran is a country with good enough infrastructure to pump more oil into the market, but they are being affected by US sanctions. In the event that Washington lifts sanctions, Iran can contribute an additional 1.2 million barrels of oil per day. Negotiations to revive the Iran nuclear deal are currently at an impasse, and the US is unlikely to “accept a bad deal just to put more oil on the market,” said Amena Bakr, an expert at Energy Intelligence Company (USA). ) identify.
The US is also a potential alternative to Europe. However, even if the US agrees, the amount of oil that this country pumps more is not enough and also not suitable for the needs of Europe, because US crude oil is very light.
The EU’s Russian oil embargo (if any) could lead to a deficit of 2.2 million barrels of crude oil per day and 1.2 million barrels of petroleum products per day. Photo: Reuters
Germany-Qatar talks face difficulties
Reuters On May 10, citing three sources familiar with the matter, Germany and Qatar were facing many problems in negotiations regarding the supply of liquefied natural gas (LNG).
Germany did not accept Qatar’s request to sign a contract with a term of at least 20 years for an abundant supply of LNG to reduce dependence on Russian gas.
Qatar, the world’s largest LNG supplier, is also specifying terms, such as a destination-related clause that could prevent Berlin from shifting supplies to other parts of Europe. The EU opposes this provision.
at Blogtuan.info – Source: nld.com.vn – Read the original article here