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MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

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CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

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New EU Sanctions Could Remove German and Poland Druzhba Supply Exemption

OIL

The EU has proposed to end the exemption to EU sanctions against Russian imports for Druzhba crude pipeline supply to Germany and Poland according to Bloomberg. The proposal would be part of the EU’s 11th package of sanctions against Russia.

  • The two countries have already halted the 480kbpd of flows seen in 2022 having previously pledged to end dependence on Russian oil supplies. Druzhba pipeline crude flows to Germany halted at the end of 2022 and to Poland halted in late February.
  • Refineries have mostly managed to implement challenging logistics to access alternative crudes although PCK Schwedt has been forced to produce less fuel for its supply region.
  • The exemptions for Southern Druzhba pipeline supply to Hungary, Slovakia and the Czech Republic estimated around 290kbpd would remain in place.
Energy BulletsCommodities
Energy BulletsCommodities

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