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Convenience Trumps Oil Sanctions

The Morning Standard

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August 02, 2025

Oil remains a weapon of consequence in the intriguing world of geopolitics. The EU's adoption of an 18th package of sanctions is aimed at escalating economic pressure on Russia.

- RANJAN TANDON

Convenience Trumps Oil Sanctions

"It is better to discuss things, to argue and engage in polemics than make perfidious plans of mutual destruction." — Mikhail Gorbachev, former President of the Soviet Union

Once they are rolled out, the financial and trade restrictions could rattle the global oil market and singe the authors of the directive as well.

Inhibiting oil and gas supplies from Russia, the second largest OPEC+ oil producer, will heat up energy prices. The price cap of $47.60 a barrel, effective from September 3, purports to strangle Kremlin's revenues and weaken its military ambitions in Ukraine. An import ban on refined products derived from Russian crude January 21, 2026 onwards could lead to a high premium for oil out of West Asia.

However, the wider landscape reveals a different narrative. An estimated 5 million barrels per day of spare capacity with OPEC+ members could be configured to fill the gap. Kazakhstan, Iraq and the UAE have constantly exceeded quota allocations and plan to further raise production. Substantial new Caribbean and South American supplies will also hit the market early next year. Should the sanctions trickle down to the 'Siberian supplies', the fence-sitters will promptly fill the ensuing void. Thus, a price spike will be short-lived.

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यह कहानी The Morning Standard के August 02, 2025 संस्करण से ली गई है।

हजारों चुनिंदा प्रीमियम कहानियों और 10,000 से अधिक पत्रिकाओं और समाचार पत्रों तक पहुंचने के लिए मैगज़्टर गोल्ड की सदस्यता लें।

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