Russian Energy Minister Nikolai Shilguinov has said that “when the embargo is applied, we will see what it will lead to”, and then they will make the decisions.
Russia has ruled out, at least for now, a cut in the production of oil derivatives due to the entry into force next Sunday of the European Union (EU) embargo on the importation of these Russian products.
“When the embargo is applied, we will see what will it lead to At the moment we see no grounds for considering that the refining and production of oil derivatives will decrease sharply,” said Russian Energy Minister Nikolai Shulguinov, according to the Interfax agency.
Massimo Cermelli Deusto Business School professor assures, in an interview on eitb.eus, that during the next months there will be a restriction of supply that will be accompanied by the cut off of the diesel supply by Russia.
In 2022 Russia produced 276 million tons of crude oil derivatives, 3.5% less than the previous year, according to the Russian federal statistics agency, Rosstat.
In particular, gasoline production increased by 3.6% and was 42.3 million tons, while diesel production grew by 5.4% and totaled 84.7 million tons.
In addition to the embargo on imports of Russian oil derivatives, the EU is studying the imposition of a price ceiling to these products, as it already did with crude oil.
Source: Eitb
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