Oil production. Archival photoMOSCOW, 2 Jun. The EU embargo on the supply of Russian oil will lead to serious consequences for both sides and will greatly change the world market, energy expert Jean-Pierre Favennec said in an interview with Le Figaro. The specialist stressed that a ban on the supply of fuel from Russia to Europe by sea will not improve the current situation things when resource prices are breaking records. «I'm leaning towards the fact that with the embargo, Russia will sell less oil to Europe, but it could try to sell it to China and especially India,» he said. Favennec noted that India has already significantly increased the volume of oil purchases from Russia, as a result, the latter is in second place among suppliers in the local market.The Guardian: Russia wins the «economic war» unleashed by the West, the expert added that Russia will continue to export oil, but not to Europe. Ed.): Russia will send its oil to China, India and other recipient countries <…>, but they will no longer take oil in the Middle East, and the EU will be able to have significant volumes of oil from this region,» the power engineer explained. At the same time, such a reorganization has a significant disadvantage: fuel delivery to Europe from the Middle East is more expensive than from Russia.Russia will not sell oil at a price below the market, the Kremlin saidWestern countries are faced with severe economic problems — rising energy prices and a surge in inflation — due to the imposition of sanctions against Russia after the start of a special operation to demilitarize and denazify Ukraine. The measures mainly affected the financial sector and the supply of high-tech products, but calls in Europe to reduce dependence on Russian energy resources have become louder. On Tuesday night, EU leaders reached a political agreement on the sixth package of anti-Russian sanctions, which provides, among other things, import of oil from Russia. The ban will affect only deliveries by sea, and the oil coming through the Druzhba pipeline is not limited. But, according to the head of the European Commission, Ursula von der Leyen, by the end of the year, the EU expects to abandon almost 90% of Russian oil imports. Saudi Arabia to increase oil production
