U.S. and African oil exporters may benefit if the West were to sanction Russia’s oil and gas sector, as international tensions continue to build over Ukraine. The EU would hurt as much as Russia, however, and the expected spike in international oil prices would plunge the world back into recession.
The board of Russia's top oil producer, Rosneft, has approved deals to sell more than 2 million tonnes of crude oil, worth more than $1.5 billion, to BP, the Kremlin-controlled company said in a regulatory filing on April 21, Reuters has reported.
Russian shipments of Urals crude from Primorsk are set to drop by 44 percent in the first six days of December from the same period a month earlier, Bloomberg reported on November 15.
Russia plans to ship less than a million barrels a day of Urals crude from Primorsk port for a second month, Bloomberg has reported.