Russia may now earn from fossil fuel sales higher than during the invasion of Ukraine shortly before while the rising world oil price Help Moscow offset the impact of Western sanctions. trying to block the sale of Russian oil According to Amos Hochstein, the United States’ special envoy for energy security. While giving testimony to Congress on Thursday (June 9)
“I can’t deny that,” Hochstein told the Senate subcommittee. in Europe and regional security cooperation Answers the question yes or no that Russia is now making more money from selling their crude and natural gas than in the two months before the war started.
US and EU agree to ban Russian oil imports and raise sanctions to punish this country Responding to the invasion of Ukraine
Even the move pushed the global market to ignore Russia’s fossil fuels. But at the same time, it has spurred higher global natural gas and oil prices. Brent North Sea London on Thursday (June 9) rose above $123 a barrel. Highest in more than 3 months
Hochstein said that rising global oil demand As consumers come out of the lockdown measures to prevent the new coronavirus pandemic “Extremely strong Stronger than anyone expected.”
meanwhile Russia can still sell oil and natural gas to other buyers. Among them are China and India, two of the world’s largest energy consumers. with a significant reduction in oil prices
Hochstein said although Russia had lowered its oil sales to China and India compared to supply from other countries, But with the world market price soaring That means that this time Russia’s income is likely to increase as well.
The International Energy Agency had disclosed it in May. It said Russia’s oil revenues have grown 50 percent since entering 2022 to $20 billion a month. with the EU being the largest export market. It is estimated that the EU’s sanctions on Russian oil which is expected to be fully enforced by the end of the year. will reduce the income of Russia
According to commodities analysis firm Kpler, India more than doubled the purchase of Russian oil in May. from one month before It hit an all-time high of more than 840,000 barrels per day. And it appears to increase further in June.
Hochstein said he had requested Indian officials. Don’t buy too much Russian oil. and told New Delhi that the United States Can’t Ban India From Buying Russian Crude Oil However, Hochstein believes India has a ceiling on Russian oil purchases. but did not provide further details.
When asked about his views on indirect sanctions imposed on countries, Like India, Hochstein replied only that the most important thing was to reduce Russia’s income while limiting the impact of higher fuel prices in the country and in allied nations.
With Russia supplying 45 percent of the EU’s natural gas last year. Hochstein said it was working to reduce that dependency. It also supports to diversify the supply of liquefied natural gas (LNG) to the EU from the US, Qatar and Australia. In the first four months of this year, the US’s supply of liquefied natural gas to Europe increased 18 percent from the 2021 average, according to data.
(Source: Reuters)
