Report: European Union to Look at Asia for Oil Imports

Business World

According to a report, with the ban on oil imports from Russia by the European Union by end of 2022, the European Union has to look at other sources, including China. UBS, global investment company had hosted a call with Jonathan Leitch, director of EMEARC (Europe, Middle East, Africa, Russia and Caspian) regarding the oil imports.

The call was made for the purpose of discussing the short and long-term outlook of the refining market of Europe and focus on recent disruptions on the supply, along with impact from the forth coming capacity to increase on balances of global oil products and expected timing of margin’s normalisation.

According to Jonathan Leitch, the loss of Russian imports to the European Union can exceed 700kb/d, and several other sources are also needed to fill the decrease. According to the reports from UBS, Jonathan Leitch is of the view that the impact of the sanctions on the European Union will be limited because of redirecting and blending of Russian fuel oil and diesel exports.

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In return, this will significantly complicate logistics and shall push the prices higher, and there is going to be additional pressure from the ban on insuring the oil cargoes of Russia. UBS said the director of EMEARC was of the view that the price on the oil from Russia is not workable. He added on importing oil from the Asian countries such as India and China, they have introduced tax changes and export limits in order to ease pressure of high prices.


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