EU Still Consuming Lots of Russian Oil in Run Up to Ban
Three months out ahead of a full European ban on Russian oil imports (see2208040013), the EU is still consuming large amounts of Russian oil, Bloomberg reported Sept. 5. Russia is sending around 1 million barrels of oil a day to…
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the EU since early August -- up from late-July marks but down greatly from the peaks in April and June, Bloomberg said. To ensure compliance, European purchases of oil cargo will slow at least a month before the ban comes into force Dec. 5, but if the ban is to cover exports, the move would hit global supplies, Bloomberg said. The publisher said shipments of all Russian crude reached a four-week high in the week ended Sept. 2. Total Russian seaborne crude shipments rose to 3.32 million barrels a day in this seven-day run -- a mark that jumped up from 2.95 million a day the previous week.