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The United States on Tuesday imposed a ban on Russian oil in retaliation for the invasion of Ukraine. Europe, which relies heavily on imports of hydrocarbons from Russia, has not yet complied.

“We have a certain bias, a little bit more crude oil, more on diesel, but at this point we believe we have ways to find alternatives so we are not in a situation of oil shortage.”On Wednesday, Olivier Condois, President of the UFIP (Former French Union of Petroleum Industries) announced.

“All oil routes can come to France” And “We have a better position in France, and France is not a little less dependent on Russian imports.” More than its European neighbors, Mr. Gantois underlined.

In 2021, Russia’s crude oil purchases will be 9.5% of France’s crude oil purchases. The number has grown by 10 to 15% in recent years, according to the union. “It is estimated that 10 to 15% may be found elsewhere, especially in the event of a ban.Rated by Olivier Gantois.

Russia produces about 11 million barrels of crude a day, of which more than 5 million are exported. But the country exports 1.5 million barrels of diesel a day, much to Europe and especially France. “By 2020, France imported 5 million tonnes of diesel, a quarter of which was Russian diesel, about 6 million tonnes”Olivier Gantois noted. “Here again there is a potential bias and the market is already in the process of restructuring and especially abandoning Russian diesel, so the significant increase we saw in diesel last week”He explained.