US sanctions on Russian oil and tankers are causing Asian refiners to consider reducing operations due to high crude oil prices.
Asian refiners are considering a reduction in run rates due to the hike in crude oil prices following the latest U.S. sanction push against Russia , which prompted Chinese and India n importers to rush to buy non- Russia n crude. Citing trading sources, Bloomberg reported that the effect of the sanctions in crude oil prices in Asia has been so pronounced that in some cases it has pushed refining margins below zero.
In the latest sanction package, reported to be the harshest yet, the Treasury of the outgoing Biden administration imposed sanctions on Gazprom Neft and Surgutneftegaz, as well as on 183 tankers, many of them in the so-called shadow fleet Russia uses to ship its oil abroad without having to use Western vessels or insurance.
Russia Oil Prices Asian Refiners Refining Margins Crude Oil India Tankers Shadow Fleet Supply Chain
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