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Saudi Aramco said the global oil market is already adjusting to sanctions on Russia, with Moscow redirecting crude flows to Asia from Europe and other producers making the opposite switch.
“Realignment is happening,” Amin Nasser, chief executive officer of the world’s biggest oil company, said at the Future Investment Initiative event in Riyadh. “Russians, with the right discount, they are able to place their crude in different markets.”
Those discounts are helping Russia overcome the difficulties it has securing insurance and shipping for its oil, Nasser said, as the US and Europe tighten sanctions following President Vladimir Putin’s invasion of Ukraine.
“There are logistical issues, insurance issues,” he said. “But that’s being handled with the right discounts. The flow is going to Asia — though, it takes longer. And crude that used to go to Asia is now being directed to Europe and other parts of the world.”
