As more shippers and insurers turn away from handling Russian oil after its invasion of Ukraine, the remaining tankers still willing to handle such sensitive deals are able to charge higher prices.
Over the past years, Russia has expressed heightened interest in exploring and producing oil and gas in Africa.
The Group of Seven urged OPEC to pump more oil, even as it made new pledges to try to fight climate change.
Analysts said the inventory draw and the prospect of an EU embargo on Russian oil were pushing prices higher
The European Union’s REPowerEU seeks to reduce the European Union’s dependency on Russian fossil fuels and accelerate the transition away from carbon-intensive energy sources.
Germany’s economic minister said the country would be able to weather a Russian oil ban by the end of 2022, as he appeared to back tougher sanctions
Analysts are predicting that Russia will have to reduce output in the coming months, even suggesting that it could have a permanent impact on the country’s production potential.
Self-sanctioning amid a global backlash against Russia has left analysts dividend in their forecasts for the future of Russian oil.
Among the world’s many oil-producing countries, a few are positioned to jump the list and become increasingly active. They include the West African nation of Ghana, along with Guyana and Suriname, two small adjoining countries on the north Atlantic coast of South America.
German politicians spoke out against the possibility of banning Russian crude oil on Monday morning