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24 January 2023 | Other

Implementation of price ceiling for Russian petrochemicals will restrain growth of European economy

Brent
WTI Light Crude Oil

Financial Times reports that the price ceiling for RF petrochemicals will cause more harm to the economy of Western countries than the price cap for oil implemented earlier. 

As per the publication, the EU countries need nearly 6.4 million barrels of diesel fuel per day. However, only 5 million barrels per day are produced directly in these countries. Almost 700,000 barrels of fuel fall on deliveries from the RF today.

According to estimates shown in the report, new restrictions will create difficulties during the shortage elimination. Demand for diesel fuel is limited on the market, unlike the oil. 

Also, the publication says that the high cost of diesel fuel will hinder the growth of the European economy in 2023.

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