Unsold Oil Forces Russian Operator To Cap Pipeline Flows

Transneft, the Russian oil pipeline operator, has informed local oil companies that it would be capping the intake of yet-to-be-sold crude because of full storage as buyers in the West shun Russian oil, Reuters reported on Tuesday, quoting sources with knowledge of the plan. While Russian oil flows are not currently embargoed in Europe, many buyers—including international oil majors—are steering clear of Russia’s crude and oil products. The Western companies are concerned over future embargoes and/or sanctions or have already…