Oil market: Uncertainty as EU embargo on Russian crude begins


Withdraw trade privilege to Pak for terror
Withdraw trade privilege to Pak for terror
European Union flags fly outside the European Commission headquarters in Brussels, Belgium, April 10, 2019. REUTERS/Yves Herman

By Udeme Akpan, Energy Editor

THE price of Nigeria’s Bonny Light, yesterday, rose to $86 per barrel, from $85.49, indicating that the global market has started to respond as the European Union, EU ban on Russian crude commenced.

The EU ban on all seaborne imports of Russian oil and a price cap of $60 per barrel on its oil offered for sale in other parts of the world are part of measures targeted at tackling Russia over continued attack on Ukraine.

Checks by Energy Vanguard indicated that the prices of other crudes, including the United Kingdom, Brent also rose to $88.31 per barrel, from $86 per barrel recorded over the weekend.

In an interview with Energy Vanguard, Lead Promoter, EnergyHub Nigeria, Dr. Felix Amieyeofori, who provided details of the ban, said: “The EU is pegging Russian Oil at $60/bbl only through tanker vessels, while the…

Source: Vanguard Newspaper