New York: Oil prices jump on Friday, the barrel of Brent exceeding 80 dollars, pushed by possible sanctions that the United States is preparing to take against the Russian “ghost fleet”, which could have an impact on exports Kremlin oil companies. Around 2:45 p.m. GMT (3:45 p.m. CET), the price of a barrel of Brent BRENT Brent, or North Sea crude, is a variation of crude oil serving as a benchmark in Europe, listed on the InterContinentalExchange (ICE), a stock exchange specializing in energy trading. It became the first international standard for setting oil prices. from the North Sea, for delivery in March, amounted to 4,12% has 80,09 dollars.
Its American equivalent, the barrel of West Texas Intermediate, for delivery in February, increased by 4,36% has 77,14 dollars.
“The United States is expected to announce new sanctions against Russia soon“, say DNB analysts, “including on many tankers, which will further disrupt Russian crude exports“.
Russia is the world’s second largest producer of crude oil and its “ghost fleet“, made up of around 600 ships, carries nearly 1.7 million barrels of oil per day, London estimated last July.
Similar sanctions were taken in December against Iran by the United States and against Russia by the European Union.
“There are signs that Western sanctions are working against Russia’s ghost fleet“, says Carsten Fritsch, analyst at Commerzbank, who highlights a level of Russian crude oil exports at the lowest since August 2023.
“As a result, India has to look for alternative suppliers, mainly in the Middle East, which creates additional demand” and drives up prices, specifies Mr. Fritsch.
The drop in exports of Iranian and Russian crude oil linked to sanctions will also force “China to seek other alternatives“, indicates Tamas Varga, analyst at PVM.
New US sanctions could therefore significantly reduce the availability of Russian oil in the short term.
The market is also supported by very cold weather in the United States, “which is expected to lead to an increase in demand for heating fuels“, reports John Plassard, analyst at Mirabaud.
The market also witnessed this week the “seventh consecutive weekly decline in U.S. crude oil inventories“, adds the analyst, which tends to drive up prices on the market.
In recent weeks the prices of black gold have risen sharply, and according to Bjarne Schieldrop of SEB, “Oil’s current strength may not be just a flash in the pan and could last“.
Commenter Oil soars, the market anticipates American sanctions against Russia
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