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President Vladimir Putin has been hit hard as Europe frees itself from direct imports of Russian oil, according to a study.
Analysts at European energy consultancy Rystad say Europe’s oil and gas supplies are shifting to the United States and Canada.
In 2020, imports from Russia accounted for 39% of the gas used in the European Union.
Russia supplied Britain with 30% of its diesel, 27% of its coal and up to 10% of its gas.
President Vladimir Putin is being hit hard as Europe frees itself from direct imports of Russian oil, research suggests
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Current official statistics show this has fallen to almost zero.
“I think people underestimated the flexibility of the energy system,” Jorge León, senior vice president of oil markets at Rystad, told the Telegraph.
“On the eve of war, just the idea of stopping direct purchases of oil and gas from Russia would have been crazy. But it almost became a reality.”
It is believed that some of Russia’s fossil fuels still arrive via refineries in other countries.
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But Leon suggests the overall numbers are still declining.
He added that Russia’s dominance had cracked due to a surge in suppliers from outside the Organization of the Petroleum Exporting Countries (OPEC), which is mainly made up of countries in the Middle East.
“Non-OPEC supply usually doesn’t increase that much, but 2023 was a huge year,” he said.
“The stars aligned and new projects came in from Brazil, Argentina, Canada, Norway, etc. So, in a way, we were saved.
Analysts at European energy consultancy Rystad said European oil and gas supplies were shifting from Russia to the United States and Canada.
Reuters
“And if you look at the U.S., we see very strong growth continuing through 2023.”
That could be an “illusion”, Leung warned, as the Kremlin is increasing oil sales to countries including India, even as Russian oil production declines across Europe.
“Oil that originally flowed from Russia to Europe now flows to China and India, from where suppliers transport it to Europe,” he said.
Russia has earned €605bn (£517bn) from fossil fuel exports since February 2022, according to the Energy and Clean Air Research Center, which monitors Russia’s energy exports.
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