Almost four months after Russia’s invasion of Ukraine, Russian crude oil, Urals, has seen a switch in flow from its traditional market of Europe to Asia, energy intelligence group Rystad Energy has revealed.
Ocean Energy Europe (OEE) has signed a joint letter supporting the objectives of the REPowerEU Plan to phase out Europe’s dependency on fossil fuels faster, calling also for ‘bolder action’ on the accelerated roll-out of renewable energy.
The European Union leaders have decided to ban almost 90 per cent of Russian oil imports by the end of the year following an agreement on the sixth round of sanctions against Russia due to its invasion of Ukraine.
Kazakhstan expects to produce 90-93 million tonnes of oil next year, up from 87.5 million tonnes this year, depending on when expansion projects at the giant Tengiz field are completed as they may be slightly delayed, its energy minister said.
Following Russia’s invasion of Ukraine, the European Union has proposed a ban on all Russian oil imports, aiming to phase out Russian crude oil within six months and refined products by the end of the year.
Volkswagen, Europe’s top carmaker, is concerned about the impact a ban on Russian energy imports would have on its business, its CEO said on Wednesday, adding it was upgrading energy supply for its Wolfsburg factory to use alternative fuel sources.