Oil-Hungry Buyers Reel From Prospect of Russia Sanctions
- Ukraine tensions rising, entering potentially decisive week
- Saudi, U.A.E. supplies could be alternatives for Asian market
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Oil importers are racing to assess the risk of purchasing Russian supplies as tensions over Ukraine enter a potentially decisive week.
Traders and buyers of Asia’s favored oil grades from Russia, particularly ESPO and Sokol from the far east, are becoming increasingly wary of being caught up in possible trade restrictions should the OPEC+ producer be sanctioned, they said. While that outcome is less likely, market participants told Bloomberg that they were starting to reconsider procurement plans for April.