The latest wave includes a ban on seaborne Russian oil to the EU and will eventually look to ban oil delivered by pipeline to the landlocked countries such as Hungary, the Czech Republic and Slovakia. Get your market update from RichardSnowFX here:
ban – temporarily allowing pipeline deliveries to landlocked countriesIG client sentiment provides a mixed reading due to recent uptick in long positionswave of Russian sanctions has been agreed in the early hours of Tuesday morning. The latest wave includes a ban on seaborne Russianto the EU and will eventually look to ban oil delivered by pipeline to the landlocked countries such as Hungary, the Czech Republic and Slovakia.
The issue of expensive alternatives and complicated logistics to deliver oil to landlocked EU member states had held up what would otherwise have been a fairly straightforward process. Eventually, the European council agreed on a compromise, permitting Russian oil flows to the three aforementioned countries, which would result in an immediate 75% reduction in EU oil imports from Russia, increasing to 90% at the end of 2022.
The banning of Russian oil further restricts an already tight oil market as oil producers operate close to capacity. Additional supply constraints surfaced through a lack of infrastructure investment as the world makes a concerted shift towards greener, more sustainable energy sources. A softer
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