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beginning of the year comes in handy every hour, and member states must be ready to implement their national plans," she said. According to her, the EU has already agreed on increasing gas supplies from Israel and Egypt, deepened cooperation with Norway, and is at the final stage of direct talks with Azerbaijan.
Brent oil prices may rise to $135 per barrel in the second half of the year
amid insufficient supply on the world market, the IHS Markit consulting agency (part of S&P Global) forecasts in its analytical report
Russia's crude oil flows to India hit 3.36mn metric tonnes in May This is a whopping 9 fold increase from the 2021 monthly average of 382,500 metric tonnes
OPEC wants to suspend the agreement with Russia and open doors for Saudi Arabia and UAE. Some OPEC members are exploring the possibility of suspending Russia’s participation in an oil-production deal while they are under Western sanctions. At the same time, a partial European ban has begun to undercut Moscow’s ability to pump more, reported the WSJ. Exempting Russia from its oil-production targets could potentially pave the way for Saudi Arabia, the United Arab Emirates, and other oil producers in the Organization of the Petroleum Exporting Countries to pump significantly more crude. This is what the US and EU nations have pressed them to do as the invasion of Ukraine sent oil prices soaring above $100 a barrel. Russia agreed with OPEC and nine non-OPEC countries last year to pump more crude each month, but its output is expected to fall by about 8%. It couldn’t be determined whether Russia would agree to an exemption from the deal’s production targets.
The EU's ban on Russian oil, agreed on May 31st, is off to an unpromising start. Since Russia invaded Ukraine in February, the amount of its oil pumped into the bloc has been increasing. It rose by 14% between January and April, from 750,000 to 857,000 barrels per day, according to Argus Media, a publisher. The embargo applies only to seaborne crude and petroleum products, for now covering just 75% of imports from Russia. Oil supplied by pipeline to a handful of countries in central and eastern Europe is temporarily exempt—a concession to Hungary, which had been blocking the agreement. Refiners in these countries are snapping up cheap Russian crude that most Western buyers are shunning.
European countries are still importing huge quantities of Russian diesel fuel receiving close to 14mn barrels of fuel from countries that used to be part of the Soviet Union, according to Vortexa Ltd. data compiled by Bloomberg. That’s a relatively limited drop-off from pre-war levels earlier this year and the vast majority, if not all, of that fuel originated in Russia. Europe's
139 RUSSIA Country Report October 2020 www.intellinews.com