The EU Ban on Russian Oil: Crude Implications for the Middle East
Oil Products
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Article by:
Center on Global Energy Policy
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Date Published:
February 15, 2023
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Who was cited:
Steve Sawyer, Director of Refining, FGE London
It has been over two months since the European Union (EU) ban on Russian crude oil[i] entered into force, triggering friction in oil markets and petroleum supply chains. The ban takes effect against major uncertainties, especially the speed and size of recovery in Chinese demand and the global economic outlook. Three key players each have decisions to make in response: Will the EU and US impose further restrictions on Russian oil (in addition to the price cap now in force for more than two months and the product ban that came into effect on February 5)? Will Russia be able and willing to redirect all or most flows from Europe to Asia in the face of the G7-inspired price cap and EU insurance ban? How will the oil policies of the Organization of the Petroleum Exporting Countries (OPEC), the group with 10 additional oil exporters (known as OPEC+), and Saudi Arabia evolve in response?
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