EU gives up business to stand with Ukraine

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?

Share iNdaba Zabantu

Leave a Reply

Your email address will not be published.

Translate »