The European oil market just received another supply shock ahead of the looming EU embargo on seaborne Russian oil imports. A Russian court has ordered the closure of a key Russian Black Sea export route, through which most of Kazakhstan’s crude oil passes to Europe. The Russian court ruling further complicates Europe’s efforts to procure non-Russian oil in a tight physical market.
It also highlights the fact that Moscow could go to any lengths to stifle oil supply to “unfriendly” countries which are banning imports…Russia’s Plan To Cut Off Kazakh Oil Supplies To Europe
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