Oil prices rose sharply after the EU could not agree on the Russian oil embargo

Tanks at Marathon Petroleum Company’s oil refinery in Carson, California, USA in this photo taken on March 11 – Photo: REUTERS

According to Reuters news agency, on May 30, oil prices Brent crude futures rose 46 cents, or 0.4%, to $119.89 a barrel, while U.S. light sweet crude (WTI) rose 60 cents, or 0.5%, to $115.67 /barrel, extending gains from last week.

The EU is scheduled to hold a meeting on May 30 and 31 to discuss a sixth package of sanctions imposed on Russia because of Moscow’s military campaign in Ukraine.

Any further ban on Russian oil will put further pressure on the already tight crude oil market amid rising demand for gasoline, diesel and jet fuel just before the peak. on summer demand in the US and Europe.

On May 29, the governments of the EU member states failed to agree on an embargo on Russian oil. However, they will continue to negotiate an agreement to ban Russian oil shipments by sea, but still allow shipping by pipeline, just before the summit meeting on the afternoon of May 30.

If agreed, such an agreement would allow Hungary, Slovakia and the Czech Republic to continue to receive Russian oil through the Druzhba pipeline for a period of time until an alternative supply is available.

Against this backdrop, OPEC+ (Organization of the Petroleum Exporting Countries and its allies, including Russia) is expected to reject calls from the West to accelerate oil production replenishment when they meet on the 2nd. -6. Sources in OPEC+ say that they will maintain their plan to add 432,000 barrels per day in July.

Oil markets also took a hit after Iran last week said its navy had seized two Greek oil tankers in retaliation for the United States’ seizure of Iranian oil from an oil tanker off the coast of Greece.

“This raises fears of further disruption to oil flows through the Strait of Hormuz, through which a third of the world’s oil passes,” said analysts from the ANZ Research team.

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