Europe Struggles to Replace Oil Products

On Sunday Alexander Novak, Russian Deputy Prime Minister, said in a news interview that Europe will struggle to replace oil products. According to Yahoo, Novak announced that once the “full effect of the EU embargoes on Russian petroleum products is felt, Europe will find it difficult to replace Russian crude oil and product supply.”

Novak reportedly told the news source that “Europe used to be a key market for the sale of Russia’s oil products,” and that Europe depends upon Russia for fuel. The “EU embargo importations of Russian crude oil by sea” was enforced on December 5, but the embargo on “seaborne imports of Russian oil products” is expected to begin on the 5th of February. By getting rid of Russian oil imports, the IEA said that the “competition for non-Russian diesel barrels will increase and be fierce,” but the EU may struggle to replicate profits they previously made when they did import oil from Russia.