On February 11, the Energy Information Administration (EIA) of the US Department of Energy released a report saying that the latest sanctions against the Russian oil industry will only slightly reduce the forecast for Russian oil production.
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| The US is assessing the effectiveness of new sanctions on Russia's oil industry. Pictured: A Russian oil loading port. (Source: The Moscow Times) |
The agency also stressed that new sanctions on Russian oil do not significantly affect the forecast of the balance in the oil market and oil prices.
However, the US Department of Energy admitted that, after announcing the new sanctions package on January 10, oil prices immediately responded with an increase.
Prices began to decline during the first month of 2025 as market participants shifted their focus to weak data on oil demand growth, the agency's experts added.
The US Department of Energy expects Russia's liquid hydrocarbon production to reach 10.45 million barrels per day in 2025 and 10.58 million barrels per day in 2026.
In early January, Washington introduced a large-scale package of sanctions against Moscow's oil and gas industry, including Gazprom Neft and Surgutneftegaz, Gazprom LNG Portovaya and Novatek's Cryogaz-Vysotsk, as well as 183 tankers, traders, oilfield service companies, heads of several oil and gas companies and representatives of the Russian Ministry of Energy leadership.
Meanwhile, according to Oil Price , the US oil ban on Russia has caused Chinese refineries to cut refining rates to their lowest level in nearly five years.
The ban has reduced crude supplies from Russia, making prices more expensive for the Northeast Asian nation's private refineries, concentrated in Shandong province, and pushing refining margins into losses.
Specifically, according to data from industry consultancy Mysteel Oilchem, independent refineries cut processing rates to just 43.64% of processing capacity from January 10 to February 10. This is the lowest average crude processing rate since the Covid-19 pandemic began in March 2020.
Source: https://baoquocte.vn/my-trung-phat-dau-nga-trung-quoc-chiu-tran-303996.html
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