Page 43 - Nigeriaone mag 2 edition en

The European Oil Supply Equation

Gas pipeline with Russian and European flags, illustrative image

Although the Russian-Ukrainian According to the Center for Pro- met by OPEP. In April 2022, the
crisis has yet to reveal all of its spective Studies and Internatio- alliance remained at 400,000
facets, the response of the West, nal Information (CEPII), 30% of barrels per day already set sin-
which is being formalized, will European imports come from ce August 2021. It even revised
lead to a boycott of Russian oil Russia, and this crude oil is its growth figures downwards in
among many other sanctions, considered to be of good qua- May 2022, from approximately
and several important ques- lity. If Europeans find other 3.36 million barrels per day to
tions need to be answered quic- sources of supply they will also less than 310,000 barrels per
kly. have to ensure that the quality day following the war in Ukrai-
Russian oil production in 2021 remains the same, otherwise, ne.
was 11.57 million barrels per this will generate additional
day, equivalent to about 12% of costs for refineries to comply
total production, and provided with anti-pollution standards.
four million barrels per day to Russia gave a strong signal to
Europe, according to the Inter- other oil producers by selling
national Energy Agency (IEA). the price of black gold to India
How feasible or even realistic in March ($25/barrel). Any inc-
are the sanctions that gradually rease in production will inevi-
take effect on the old continent? tably lead to a decrease in the
Hard to answer because uncon- price of a barrel of Russian oil.
trollable factors are to be taken The request for oil production
into account. increase by the West was not
Gas pipeline, illustrative image

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