As Russian cuts plunge Europe in a costly energy chaospromise him one of the harshest wintersfear the risk of a severe recession and make her think about upset the very functioning of the sacrosanct marketthe continent continues to drink from the same oil sources as before the crisis.
Because if the Union decided on a severe embargo on Russian oil, which should cut 90% of imports, this will only be effective on December 5. While waiting for this low point in winter, the continent continues to shop in Moscow and even speeds up deliveries quite significantly.
According an analysis published by Bloomberg et reprise par Business Insider, the block imported by sea the trifle of 1 million barrels per day between August 26 and September 2. This is less than the average of 1.28 million barrels in June, but clearly accelerating compared to July and early August.
In total, by boat and via pipelines, European imports of Russian oil represented 3.32 million barrels per day between August 26 and September 2, a notable increase of 13%. In short: it’s the rush.
Upheavals
And these are all solid revenues for a country desperately in need of this windfall to finance its war. This trend also shows how difficult it is for an entire continent to turn away, almost overnight, from its main sources of supply.
But as Bloomberg explains, these oil flows from Russia are important for the global economy as a whole. If the European embargo were to partially cut off Russian production and exports, there could be a shortage of oil and its price would rise again.
If, on the contrary, Russia succeeded in finding customers elsewhere, the entire world trade in oil by sea could be redesigned, in a complex and undoubtedly costly way for the economies concerned.
China or India quickly took advantage of the hole left by the West to buy Russian oil en masse and at a discount, but the trend already seems to be clearly slowing down. The global energy puzzle is therefore still far from being organised.