Sanctions ?? European refineries are buying more and more Russian oil! But we will close Priolo and leave 8,000 workers at home
European refineries absorbed an increasing amount of crude oil last week, according to oil tanker tracking data compiled by Bloomberg .
European refineries received 1.84 million barrels per day of Russian crude oil last week, cumulating the third increase in the amount of Russian crude purchased in three consecutive weeks .
Oil flows from Russia to Europe, including Turkey, are now the highest in the past two months.
The increases came mainly from the Russian Litasco SA, the commercial arm of Lukoil, and from Turkey. Lukoil has three refineries in Europe – in Italy, Romania and Bulgaria – and continues to increase purchases of Russian crude. We know that, as a perverse effect of the sanctions, the Priolo refinery, Syracuse, is exclusively processing Russian oil. Practically the sanctions on Russian companies have achieved the opposite goal. Not only that: while Bulgaria has obtained an exemption for its own refinery supplied by sea, Italy has not even requested it as reported by L'Espresso. The government does not care about the 8 thousand Sicilian jobs. A sensational mistake that we will pay very hard. Moreover, it is known that Cingolani does not serve the interests of Italy, but those of others, it is not very clear here. Just remember how we close the Adriatic gas wells, to make them open to Croatia!
So, as Bloomberg notes, the decline that had previously occurred in oil purchases from Russia, on a voluntary basis, was if not reversed sharply.
The EU has decided to put an embargo on 90% of all its oil imports from Russia by the end of the year, but we see how this ban appears useless or almost counterproductive. More effective may be the Russian cargo insurance ban: in fact, although Moscow has ensured that it will provide state insurance coverage for its cargoes, it may not be acceptable to land in many ports, effectively making the Russian oil trade much more complicated.
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Article Sanctions ?? European refineries are buying more and more Russian oil! But we will close Priolo and leave 8,000 workers at home . It comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/sanzioni-le-raffinerie-europee-comprano-sempre-piu-petrolio-russo-pero-chiuderemo-priolo-e-lasceremo-8-mila-lavoratori-a-casa/ on Tue, 21 Jun 2022 11:00:36 +0000.