(T.E.T)
Russia is struggling to sell oil as buyers flee the stigma, logistical challenges and fears of further sanctions that come with dealing with Moscow in the wake of the Ukraine invasion. Even without direct sanctions on its energy industry Russia will lose around one million barrels per day (bpd) in oil exports, according to analyst Jarand Rystad, head of Rystad Energy, from the 10.5 million bpd it sold last year.
That is despite the scarcity of global supplies sending prices soaring. Brent North Sea crude oil — the industry benchmark — rocketed this week to nearly $120 per barrel, while gas hit a record peak.
However the two nations with the most spare capacity — the United Arab Emirates and OPEC kingpin Saudi Arabia — are reluctant to hike output. One uncertain factor is Iran, where last-ditch talks are underway with world powers to lift its own set of sanctions related to its nuclear programme.
