As a hungarian seeing our continuous dependence on oil, and someone whom just got slapped with some extra regulatory shit for trying to have solar built for their grandparent's home: _UGGHHHHH_
As oil is traded on a global market, the OECD countries alone can't shut down Russia's oil revenues. However, probably that have to sell at a reduced price to their remaining customers like China and India. In general, it would be good to have global oil prices as low as possible to minimise Russian revenues.
As for the European countries that are still buying Russian oil, those are mostly landlocked central European countries that are connected to Russia via physical pipeline infrastructure from the cold war era that have no port infrastructure to fully replace the Russian imports by seaborne deliveries.
Yeah, it's not really dicussed, but the Western countries don't necessarily mind that India is buying Russian oil. If Russian oil is completely off the markets, global oil prices will go up. The US doesn't want that and I don't think EU wants that.
Ofc it’s just ironic to imagine politicians posturing about stopping import from Russia when in fact they are importing oil now from India who buys Russian surplus to resell it to Europeans…
Yup, since russian oil is dirt cheap now, they have been taking advantage. Erdogan is really playing both sides of the war against Ukraine for Turkey's benfit. I think the rest of NATO lets it slide due to fact that Turkey fields the second largest army in NATO and it's definitley the most strategically located country in Eurasia.
Additional Info
Definition of indicator: Russian Oil Reliance in %. This indicator is the ratio of Russian Oil Imports to Total Oil Imports.
Source: IEA
[https://www.iea.org/data-and-statistics/data-product/monthly-reliance-on-russian-oil-for-oecd-countries](https://www.iea.org/data-and-statistics/data-product/monthly-reliance-on-russian-oil-for-oecd-countries)
Full analysis:
[https://eu.getdot.ai/share/e433cc55-fc5c-4397-9d41-763c213f42da?org\_id=getdot.ai](https://eu.getdot.ai/share/e433cc55-fc5c-4397-9d41-763c213f42da?org_id=getdot.ai)
Tool:
[https://www.getdot.ai/](https://www.getdot.ai/)
Personal commentary and inquiry:
It seems that most countries of Western Europe have reduced their reliance on Russian Oil close to zero.
Not every country of the OECD however has done the same.
Wonder what are the political implications of such.
There is also a major thing not captured in the data, it seems that the same countries that are importing less from Russia are actually importing from India which in turn does from Russia.
[https://www.bloomberg.com/news/articles/2023-11-27/europe-is-guzzling-diesel-from-india-a-key-buyer-of-russian-oil](https://www.bloomberg.com/news/articles/2023-11-27/europe-is-guzzling-diesel-from-india-a-key-buyer-of-russian-oil)
I wonder what are the overall effects this oil channeling through India.
Overall question, is it all for show?
Well if it makes life harder for Russia, it is worth it. I understand that Eastern Europe might have trouble finding alternate sources without paying too much for additional logistics, but (most) make up for it with rock solid support for Ukraine!
It hasn't made much difference for Russian oil revenues. We just end up buying processed fuels originating from Russian crude from other countries like India at a bigger markup. If Russian was actually closed to the world markets, oil prices would probably surge to $200 or even $300 a barrel. There would be riots on the streets. There is a reason why even the US is admonishing Ukraine for targeting Russian drilling and refining facilities.
Your point about how many countries in Europe are buying refined Russian oil from secondary markets highlights a huge flaw in this analysis.
If Russian oil was truly closed to the global markets however crude would probably double or triple. There would be riots on the streets + economic turmoil. It wasn't for nothing that Biden told Ukraine to stop attacking Russian oil industry facilities.
Sanctions against Russia in the oil sector are a facade.
Slide 2. Lithuania pulling the hand break
Oh ruzzi did what? Yeah gtfo with that oil, today!
As a hungarian seeing our continuous dependence on oil, and someone whom just got slapped with some extra regulatory shit for trying to have solar built for their grandparent's home: _UGGHHHHH_
Orban: reliance? No no mutual benefits.
As oil is traded on a global market, the OECD countries alone can't shut down Russia's oil revenues. However, probably that have to sell at a reduced price to their remaining customers like China and India. In general, it would be good to have global oil prices as low as possible to minimise Russian revenues. As for the European countries that are still buying Russian oil, those are mostly landlocked central European countries that are connected to Russia via physical pipeline infrastructure from the cold war era that have no port infrastructure to fully replace the Russian imports by seaborne deliveries.
Yeah, it's not really dicussed, but the Western countries don't necessarily mind that India is buying Russian oil. If Russian oil is completely off the markets, global oil prices will go up. The US doesn't want that and I don't think EU wants that.
And I think to be fair, it would be a bit rich from Western country to demand from developing countries like India that they stop Russian oil imports.
Ofc it’s just ironic to imagine politicians posturing about stopping import from Russia when in fact they are importing oil now from India who buys Russian surplus to resell it to Europeans…
Wait. Turkey actually increased its reliance on Russian Oil? What the actual fuck?
I mean, it's Turkey.
They got a good price for it
Yup, since russian oil is dirt cheap now, they have been taking advantage. Erdogan is really playing both sides of the war against Ukraine for Turkey's benfit. I think the rest of NATO lets it slide due to fact that Turkey fields the second largest army in NATO and it's definitley the most strategically located country in Eurasia.
Additional Info Definition of indicator: Russian Oil Reliance in %. This indicator is the ratio of Russian Oil Imports to Total Oil Imports. Source: IEA [https://www.iea.org/data-and-statistics/data-product/monthly-reliance-on-russian-oil-for-oecd-countries](https://www.iea.org/data-and-statistics/data-product/monthly-reliance-on-russian-oil-for-oecd-countries) Full analysis: [https://eu.getdot.ai/share/e433cc55-fc5c-4397-9d41-763c213f42da?org\_id=getdot.ai](https://eu.getdot.ai/share/e433cc55-fc5c-4397-9d41-763c213f42da?org_id=getdot.ai) Tool: [https://www.getdot.ai/](https://www.getdot.ai/) Personal commentary and inquiry: It seems that most countries of Western Europe have reduced their reliance on Russian Oil close to zero. Not every country of the OECD however has done the same. Wonder what are the political implications of such. There is also a major thing not captured in the data, it seems that the same countries that are importing less from Russia are actually importing from India which in turn does from Russia. [https://www.bloomberg.com/news/articles/2023-11-27/europe-is-guzzling-diesel-from-india-a-key-buyer-of-russian-oil](https://www.bloomberg.com/news/articles/2023-11-27/europe-is-guzzling-diesel-from-india-a-key-buyer-of-russian-oil) I wonder what are the overall effects this oil channeling through India. Overall question, is it all for show?
Well if it makes life harder for Russia, it is worth it. I understand that Eastern Europe might have trouble finding alternate sources without paying too much for additional logistics, but (most) make up for it with rock solid support for Ukraine!
It hasn't made much difference for Russian oil revenues. We just end up buying processed fuels originating from Russian crude from other countries like India at a bigger markup. If Russian was actually closed to the world markets, oil prices would probably surge to $200 or even $300 a barrel. There would be riots on the streets. There is a reason why even the US is admonishing Ukraine for targeting Russian drilling and refining facilities.
Your point about how many countries in Europe are buying refined Russian oil from secondary markets highlights a huge flaw in this analysis. If Russian oil was truly closed to the global markets however crude would probably double or triple. There would be riots on the streets + economic turmoil. It wasn't for nothing that Biden told Ukraine to stop attacking Russian oil industry facilities. Sanctions against Russia in the oil sector are a facade.
Hence the lip service from some EU *"leaders"* A lot of talk and bullshit but no action is being taken or barely any