In recent days, traders have been trying in vain to sell Russian oil, even with a record discount. The reason is the newly created problems with transport and payments in connection with the Russian invasion of Ukraine. So while global oil prices are rising at their peaks, there is no interest in Russian oil.
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According to the British consulting company Energy Aspects, almost 70 percent of Russian oil exports have no buyers. Trafigura, a major oil trader in the world, offered a load of Russian oil at a price of $ 18.6 per barrel lower than Brent oil on Tuesday. However, even this record discount did not find a buyer willing to take the risk.
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Disruptions to Russia’s oil exports intensified on Wednesday as other countries and companies refused to import and transport Russian oil. At least ten tankers failed to find buyers, Reuters reported.
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This also applies to one of Russia’s leading oil companies. Surgutneftegaz failed to find buyers for nine tankers with 6.5 million barrels of oil. Several tankers full of barrels of oil wander the sea, waiting for what will happen next.
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“Buyers are afraid of a possible conflict with Western sanctions and do not want to take risks, while their lawyers are trying to orient themselves in the new rules,” Amrita Sen from the consulting company Energy Aspects told the BBC. Western anti-Russian sanctions have not yet been imposed on Russian oil.
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Most major traders do not currently purchase Russian oil.
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For Russia’s oil exports, the current approach of shoppers is a deadly blow. Almost two thirds of Russian oil sales are moved to customers by ship.
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“Most major traders do not currently buy Russian oil, but once the full range of sanctions is known, the share of blocked Russian oil could drop to 20 percent as Asian traders join the market,” said Amrita Sen of Energy Aspects.
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The Czechia is experiencing an oil shock
The week-long Russian invasion of Ukraine is increasingly reflected in domestic fuel prices at gas stations.
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The dramatic rise in fuel prices is due not only to rising oil prices on global markets, but also to a significant weakening of the koruna against the dollar, which makes oil barrels more expensive. Both scenarios are taking place as a result of the war in Ukraine.
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The price of Natural 95 petrol increased by 1.93 crowns last week to an average of CZK 39.36 per liter. Diesel cost an average of CZK 38.73 per liter on Wednesday, which was 2.34 crowns more than a week earlier. This is according to data from CCS, which monitors prices.
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“Fuel prices should rise by another crown in the next week. The average price for petrol will be CZK 40 per liter, while the average price for diesel will be CZK 39 per liter. The increase will continue throughout the first half of March, “estimates Finlord analyst Boris Tomčiak.
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