Food for thought…
By Industrial Analyst
Canada, United Kingdom, United States of America and most EU member states embraced boycotting buy in of Russian oil slap-in-the-face factuality that Russia is the continent’s biggest oil exporter, and Europe used to depend on Russian 27% of it’s oil but ensured to end leaning on Russia.
Russia exports 7.8 million barrels of oil a day, Europe used to import 3.8 million barrels of Russian oil a day amounting to US$450 million worth of daily oil trade and US$850 million daily energy trade. In 2021 crude oil, petroleum products make 37% of Russia’s export revenue.
While 32% of EU’s energy comes from oil, 27% of EU’s oil was coming from Russia. In March 2022 Europe’s imports of Russian oil fell to 1.3 million barrels a day from 3.8 million and as at April 22 the imports were standing at 1.6 million barrels a day.
Europe’s increased imports of Russian oil from 1.3 to 1.6 million barrels a day between a period of March and April brings a qurestion if U.S and it’s allies can afford to totally proscribe Russian oil.
Food for thought; does EU have alternative for Russian oil?