Oil traders to cut Russian oil purchases from May 15 - Sources - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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Major global trading houses are planning to reduce crude and fuel purchases from Russia’s state-controlled oil companies as early as May 15, sources said, to avoid falling foul of European Union sanctions on Russia.

The International Energy Agency said on Wednesday Russian oil supply could be down 3 million bpd from May.The International Energy Agency said on Wednesday Russian oil supply could be down 3 million bpd from May.

The wording of EU sanctions exempts oil purchases from Rosneft or Gazpromneft, which are listed in the legislation, deemed as “strictly necessary” to ensure Europe’s energy security.It may cover an oil refinery receiving Russian oil through a captive pipeline, but it may not cover the buying and selling of Russian oil by intermediaries.The inclusion of Russia’s state infrastructure firm Transneft that owns the key ports and pipelines will add a further layer of complexity for any future sales.

Refiners in Europe are becoming increasingly reluctant to process Russian crude. That has already disrupted Russian exports, although purchases by India and Turkey have made up for some of the slack.Rosneft and Gazpromneft volumes accounted for 29 million barrels, or nearly 1 million barrels per day in April, which is over 40% of overall Urals crude oil exports from Russia’s western ports in April, according to the loading plan.

 

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