Supply disruptions and a lack of refining capacity could send oil and fuel prices soaring this winter.
The EU embargo on seaborne Russian crude oil exports and the G7 price cap on Russian oil are both less than a month away.
to Reuters’ John Kemp. Last week, the buying reached 22 million barrels of Brent crude and 15 million barrels of West Texas Intermediate. The fuel situation is going to become a lot more complicated in February, too, when the EU’s Russian fuels embargo comes into effect. Currently, the European Union is importing some 400,000 barrels daily of Russian diesel, according to a Wall Street Journal, as well as 1.7 million barrels daily of diesel from other suppliers. This 400,000 bpd will need to be replaced come February 5. And it will fuel higher inflation.
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