World oil price 24 days; Brent was 80 dollars and 90 cents
According to Mehr News Agency to Quoting from Reuters, the price of a barrel of Brent oil in the North Sea increased by 1 dollar and 14 cents, equivalent to 1.43%, to 80 dollars and 90 cents. Texas Intermediate West oil is traded at $1.24 cents, equivalent to a 1.62% increase, to $77.81 cents.
Brent and U.S. crude are both up more than 6 percent since Jan. 8, after the U.S. Treasury imposed new sanctions on Russian oil on Friday. The new sanctions include producers such as Gazpromneft and Sorgotneftgaz, as well as 183 tankers carrying Russian oil. The goal is to reduce Moscow’s income for the war with Ukraine.
Traders and analysts believe that the new sanctions will severely damage Russian oil exports and cause China and India, as the world’s largest and third largest oil importers, to import more cargo from the Middle East, Africa and the Americas. In this way, oil prices and shipping costs will increase.
These sanctions include tankers carrying 1.5 million barrels per day of Russian offshore crude by 2024. Thus, 750,000 barrels per day of Russian oil exports to China and 350,000 barrels per day of this country’s oil exports to India will be affected.
Many of the tankers whose names are mentioned in the latest sanctions have been carrying Russian oil to India and China. The previous sanctions and the price ceiling set by the Group of 7 in 2022 for Russian oil caused the country’s oil exports to change from Europe to Asia. Some of these tankers also carry Iranian oil, which is under US sanctions.
