Chevron CEO: Western sanctions have turned global oil and gas markets upside down

Houston, USA, March 6, 2023, 10:39 pm — REGNUM The conflict in Ukraine and Western sanctions against Russia have complicated the situation in the global oil market and made it vulnerable to any unexpected supply disruptions. This was stated by the head of the American oil company Chevron Michael Wirthspeaking at Ceraweek’s annual international energy conference in Houston, Reuters reported March 6.

According to him, the conflict in Ukraine and the subsequent Western sanctions have turned the world oil and gas markets upside down and disrupted supplies from Russia. Russian oil is still entering the market, but at very different prices as tankers travel long distances to bring Russian oil and fuel to countries that have not imposed sanctions.

According to Wirth, the imposition of Western sanctions on Russian oil has created additional difficulties for the West itself.

The situation on the gas market, Wirth believes, will change much more slowly than on the oil market.

Recall that from December 5, 2022, the West imposed an embargo on the supply of Russian oil by sea. Also, the G7 countries, the European Union and Australia artificially limited the price of Russian oil by setting the so-called “price ceiling”.

Read earlier in this story: Ministry of Energy: Russia does not intend to sell oil at any cost