Photo: Jonathan Ernst / Reuters
American sanctions imposed by US President Donald trump on oil from Iran and Venezuela, have inadvertently increased the demand for Russian fuel Urals. About it writes Bloomberg.
According to the Agency, the Russian oil company since November of 2018 received additional income of 905 million dollars. The sanctions have led to increased demand for Urals in connection with the reduction of oil production by OPEC countries and their partners.
As a result, Russian oil began to be regularly traded at a premium to Brent, although traditionally it was trading at a discount. From November 2018, with the introduction of US sanctions against Iranian oil, the discount was reduced, and at the beginning of 2019 Urals started trading at a premium.
In 2018, the United States imposed sanctions against Iran after the unilateral withdrawal from the nuclear deal. The restrictions, in particular, include a ban on oil exports. First, the United States has delayed approval for the purchase of oil for eight major importing countries, which includes China, India, Italy and Japan. However, in may 2019, the sanctions began to apply to all States without exception.
In January 2019, the US imposed sanctions against Venezuela, blocking the assets and interests of the national oil company PDVSA to U.S. jurisdiction for seven billion dollars and prohibiting transactions with her. After the introduction of restrictions PDVSA exports collapsed by 40 percent. In June, the U.S. Treasury announced the tightening of restrictions, banning exports and re-exports to Venezuela thinners oil needed for sale heavy Venezuelan fuel on the world market.
Video, photo All from Russia.