So far, the United States and the European Union have avoided restricting imports of Russia’s oil, even though such sanctions are
The agency’s director, Fatih Birol, announced the meeting Monday. It will be chaired by Jennifer Granholm, secretary of the U.S. Department of Energy and the IEA’s Ministerial Chair. The Canadian government confirmed it will take part. London-based Shell’s Russian interests include a 27.5-per-cent stake in the Sakhalin-II liquefied natural gas facility, a 50-per-cent stake in the Salym Petroleum Development, and the Gydan energy venture. The company also said it intends to end its involvement in the contentious Nord Stream 2 pipeline project.
Two of Canada largest refineries, Irving Oil Ltd.’s 320,000-barrel-a-day facility in Saint John, NB, and Valero’s 235,000-barrel-a-day plant in Levis, Que., import no Russian oil, spokespeople for the refineries confirmed. Suncor Energy Inc., also said it did not buy Russian feedstock for its refineries.
“You don’t want to have your vessel tied up with cargo that you don’t know you’re going to get paid on. Or you just tied up your vessel for several days trying to move product somewhere, and you don’t know if the credit is good,” he said. Stock markets remain skittish. Despite no obvious current impact on production and export from the conflict, “the market is certainly incorporating additional risk premium into pricing,” CIBC said in a note to clients. “The scale of the invasion is more extensive and the risks are greater. This argues for continued equity volatility, and likely additional price weakness.”