Petrol CEOs Discussed Russia Sanctions and Supply Concerns

New Developments in the Oil Sector

Patrick Pouyanne, CEO of TotalEnergies SE, stated on Monday at the Adipec conference in Abu Dhabi that the sanctions imposed on companies such as Rosneft PJSC and Lukoil PJSC, which account for about 60% of Russia's oil supply, would delay shipments and slow down international trade.

Warnings from BP and Eni CEOs

Murray Auchincloss, CEO of BP Plc, also expressed that the restrictions are serious and negatively affect oil supply. Meanwhile, Claudio Descalzi, CEO of Eni, stated in an interview with Bloomberg TV that although previous sanctions had not led to significant disruptions in supply, caution is needed regarding new measures.

New Strategies of India and China

The largest buyers transporting oil from Moscow by sea, particularly Indian operators, are considering alternative supply options following the U.S. blacklist of Rosneft and Lukoil. It has been noted that they plan to take a long break from purchases. Additionally, there are signs that Chinese refiners have also started to avoid Russian shipments.

TotalEnergies and BP CEOs, recalling the recent statements from Saudi Aramco and the UAE Energy Minister, indicated that they are not concerned about an increase in demand. Descalzi predicted that the surplus supply next year may be short-lived.