Is the global energy crisis expected to ease?

EU member states this week agreed on an adjustment to sanctions against Russia that would allow Rosneft and Gazprom to export oil to third-party countries, according to media reports. The move is aimed at mitigating global energy security risks.

Major global oil trading companies such as Vitol, Glencore and Trafigura, as well as Shell and Total, have been hit by EU sanctions, including a ban on insurers from covering Russian oil cargoes. ) and other oil majors have previously stopped trading Russian oil with third-party countries.

The sixth round of sanctions against Russia approved by the European Union in June included a ban on insurance for European ships carrying Russian oil. According to the analysis, compared with the partial embargo of Russian oil, the insurance ban on the transportation of Russian oil is the biggest killer in the sixth round of sanctions. It will have a more substantial impact on Russia's oil exports, which rely heavily on European insurers and shipping companies to ship oil around the world.

   And under the sanctions adjustments that took effect on Friday, payments related to such shipments, in which EU companies buy Russian seaborne crude oil and export it to third countries, will not be banned.

   Trading house sources said previous EU restrictions had prompted countries such as India to buy oil through smaller private traders. This brings some hidden dangers, such as cargo being transported by old ships with weak insurance links.

In a statement on Thursday, the EU said: "In order to avoid any potential negative impact on food and energy security around the world, the EU has decided to expand exemptions from the ban to allow trading in agricultural products with certain state-owned entities, as well as oil shipments to third countries. "

 

Is the global energy crisis expected to ease? EU adjusts sanctions on Russia, traders will be able to resell Russian oil to third countries
  The global energy crisis is expected to ease?

Concerned about winter shortages due to a lack of Gazprom supplies, the German government recently introduced new energy-saving measures, including a ban on heating swimming pools in private homes in winter, a moratorium on minimum temperature requirements for apartments in rental contracts, and an incentive to encourage more people to live in certain areas. Work from home some times.

Last month, Russia cut the flow of Nord Stream 1, the largest natural gas pipeline to Europe, to 40% of its transport capacity on the grounds that Germany's Siemens AG failed to deliver the turbines for repair to Russia in time. The annual maintenance is closed for 10 days. Although the Nord Stream 1 has resumed some supply as soon as the maintenance period is over, which has eased market concerns, the possibility of Russia cutting off its natural gas supply to Europe by the end of the year still exists.

The German economy ministry said the country now aims to fill its gas storage facilities to 85% of capacity by October 1 and 95% by November 1, compared with earlier targets of 80% and 90%, respectively.

  Although Europe is at the “epicenter” of this energy crisis, the impact of the energy crisis has spread globally. With Russian supplies dwindling, Europe has turned to other countries to find alternatives to Russian oil, intensifying the global competition for energy. Now, with traders able to resell Rosneft to third countries, the global energy shortage is expected to ease.

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