The Wall Street JournalThe Wall Street Journal

Russia’s oil ban accelerates shift in global energy flows

By Benoit Faucon and Summer Said

30 Dec 2022 · 4 min read

The global energy map is being redrawn—with Middle Eastern suppliers redirecting their crude oil to Europe. The shifts are very likely to impact geopolitical alliances, reports the WSJ.

Curated by informed

Western sanctions on Russian fossil fuels are accelerating the shift in global energy flows, with China and India increasingly taking advantage of Russian oil discounts and Middle Eastern suppliers redirecting their crude to Europe.

Russia is offering deep discounts to Asia’s biggest oil buyers as it tries to retain market share after banning the sale of its crude and petroleum products to countries imposing a price cap. The cap bars the shipping, financing or insuring of Russia’s seaborne crude unless it is sold for $60 a barrel or less—a sanction leveled in response to the invasion of Ukraine.

The news, curated.

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