Price of oil going up?


https://www.bloomberg.com/news/articles/2022-10-23/russian-oil-logistics-in-chaos-with-weeks-until-sanctions-bite

Russian Oil Logistics in Chaos Ahead of Looming Sanctions

A worker checks the horizontal flare system by a gas well at an oil, gas and condensate field in the Lensk district of the Sakha Republic, Russia.

Source: Bloomberg

By

Serene Cheong

October 22, 2022 at 8:00 PM EDTUpdated onOctober 23, 2022 at 11:30 PM EDT

Traders, tanker companies and the world’s most powerful governments are becoming increasingly fixated upon one question in the oil market: can the petroleum industry’s supply chain handle the harshest sanctions on Russian exports in history?

A vast shadow fleet of tankers with unknown owners is being amassed to service Moscow’s interests. Intense US-led diplomatic wrangling to soften aggressive European Union sanctions has been going on for months but time is ticking.

Will it be enough? With about six weeks until the bloc’s measures enter into force, little clarity exists on whether these steps will really suffice to help the world’s third-biggest oil producer to get much of its output to buyers to fend off a supply shock.

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