 |
Louisiana Light • 2 days | 89.15 | -0.01 | -0.01% | ||
|
Bonny Light • 1 day | 90.37 | -1.56 | -1.70% | ||
|
Opec Basket • 2 days | 90.18 | +0.61 | +0.68% | ||
|
Mars US • 167 days | 77.67 | -1.57 | -1.98% | ||
|
Gasoline • 10 mins | 2.705 | -0.024 | -0.88% |
|
Bonny Light • 1 day | 90.37 | -1.56 | -1.70% | ||
|
Girassol • 1 day | 90.93 | -1.38 | -1.49% | ||
|
Opec Basket • 2 days | 90.18 | +0.61 | +0.68% |
|
Peace Sour • 6 hours | 75.35 | -2.68 | -3.43% | ||
|
Light Sour Blend • 6 hours | 78.40 | -2.68 | -3.31% | ||
|
Syncrude Sweet Premium • 6 hours | 85.35 | -2.68 | -3.04% | ||
|
Central Alberta • 6 hours | 75.75 | -2.68 | -3.42% |
|
Eagle Ford • 2 days | 81.84 | -0.05 | -0.06% | ||
|
Oklahoma Sweet • 2 days | 81.75 | +0.00 | +0.00% | ||
|
Kansas Common • 2 days | 75.50 | -0.25 | -0.33% | ||
|
Buena Vista • 6 days | 89.36 | +0.64 | +0.72% |
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EU Hopes Agreement On Russian Oil Ban Will Be Reached In May
The European Union hopes it will reach this month a unanimous agreement on placing an embargo on Russian oil imports, EU diplomats and officials told Reuters on Friday.
A week after the European Commission officially proposed a full ban on Russian crude and oil product imports, to come into effect by the end of the year, the EU is still scrambling to find a common position, trying to persuade Hungary and some other central and eastern European countries to drop their opposition to an embargo.
“We made progress, but further work is needed,” European Commission President Ursula von der Leyen said late on Monday following a meeting with Hungarian Prime Minister Viktor Orban.
EU diplomats and officials are optimistic an agreement among EU member states will be reached as soon as this month, and possibly as soon as next Monday, when the foreign ministers of the EU meet in Brussels, a senior diplomat told Reuters.
“This is going to be decided at the highest political level, between Budapest and Brussels. I am optimistic,” another senior diplomat told Reuters, noting that an EU deal on a Russian oil embargo could be reached later next week.
A third senior EU diplomat told Reuters that there would be a deal, and that the EU’s offers to support investments and upgrades for countries heavily reliant on Russian oil could be flexible.
Earlier this week, Hungary – whose PM Orban has said that an oil ban would be like “dropping a nuclear bomb on the Hungarian economy” – said that it would not drop its opposition to a Russian embargo unless it receives hundreds of millions of dollars, necessary to replace Russian oil.
“We are expecting such a proposal not only concerning the transformation of our refineries which costs hundreds of millions of dollars, not only relating to the capacity increase at the Croatian pipeline which would cost several hundreds of millions of dollars, but also concerning the future of the Hungarian economy,” Hungarian Foreign Minister Peter Szijjarto said, as quoted by Reuters.
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Earlier this week, the Hungarian Prime Minister said that a ban on Russian oil imports would be like “dropping a nuclear bomb” on the Hungarian economy”.
However, after discussions on Monday in Budapest with the European Commission President Ursula von der Leyen, Mr Orban “said that he would not drop his opposition to a Russian embargo unless he receives hundreds of millions of dollars, necessary to replace Russian oil.
His Foreign Minister echoed the sentiments of his boss by saying “we are expecting such a proposal not only concerning the transformation of our refineries which costs hundreds of millions of dollars, not only relating to the capacity increase at the Croatian pipeline which would cost several hundreds of millions of dollars, but also concerning the future of the Hungarian economy”.
In plain English, it means that Hungary isn’t going to agree a ban on Russian oil until it receives billions of dollars from the EU for the transformation of the country’s refineries without which these refineries can’t refine non-Russian oil and assistance for the Hungarian economy. That isn’t going to happen in a year or two.
.Dr Mamdouh G Salameh
International Oil Economist
Visiting Professor of Energy Economics at ESCP Europe Business School, London