Oil Daily | U.S. Sanctions Strain Russian Energy Exports, Spur Asia to Seek Alternative Oil Sources
Monday, Jan 13, 2025 7:00 am ET
1min read 【Oil-Producing Countries Dynamics】
A Russian LNG cargo is caught in the latest U.S. sanctions targeting Russian energy, testing the energy buyers' willingness to risk buying Russian hydrocarbons. The sanctions, the most aggressive by the Biden administration, are expected to hurt Russian energy exports, while potentially benefiting EU's goal to reduce Russian LNG purchases.
Crude oil imports to China declined in 2024 for the first time in two decades, except during lockdowns, with an average of 11.04 million barrels daily. This reflects deflationary pressures and transport electrification diminishing growth. Despite the slowdown, China's gasoline demand growth might peak in the coming years due to the rising popularity of EVs.
【Latest Oil Policies】
The latest U.S. sanctions on Russia target its oil industry, imposing restrictions on Gazprom Neft, Surgutneftegaz, and 183 tankers. These measures affect Russian oil flows, primarily directed to China and India, forcing Asian buyers to seek alternatives from the Middle East, Africa, and the Americas, increasing shipping costs.
A Russian LNG cargo is caught in the latest U.S. sanctions targeting Russian energy, testing the energy buyers' willingness to risk buying Russian hydrocarbons. The sanctions, the most aggressive by the Biden administration, are expected to hurt Russian energy exports, while potentially benefiting EU's goal to reduce Russian LNG purchases.
Crude oil imports to China declined in 2024 for the first time in two decades, except during lockdowns, with an average of 11.04 million barrels daily. This reflects deflationary pressures and transport electrification diminishing growth. Despite the slowdown, China's gasoline demand growth might peak in the coming years due to the rising popularity of EVs.
【Latest Oil Policies】
The latest U.S. sanctions on Russia target its oil industry, imposing restrictions on Gazprom Neft, Surgutneftegaz, and 183 tankers. These measures affect Russian oil flows, primarily directed to China and India, forcing Asian buyers to seek alternatives from the Middle East, Africa, and the Americas, increasing shipping costs.
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