Demand for Russian Oil Surges Amid Global Energy Crisis

JAKARTA, KOMPAS.com - Global demand for Russian oil is reported to have increased sharply amid uncertainties in the world energy market. This surge occurs alongside supply disruptions, rising global oil prices, and changes in energy policies in several countries, including in Southeast Asia. Kremlin spokesman Dmitry Peskov stated that demand for Russian oil is currently very high. He noted that the global energy market conditions are driving increased needs for alternative supplies. According to him, Russia may face challenges in meeting the additional demand if this trend continues. The surge in demand for Russian oil is taking place amid global energy supply disruptions triggered by geopolitical conflicts. Tensions in the Middle East and the ongoing impact of the Russia-Ukraine war are cited as the main factors affecting world oil price volatility. Drone attacks, pipeline disputes, and tanker seizures have previously hampered part of the country’s export capacity. Nevertheless, high global oil prices are still making Russian oil attractive to international buyers, especially since Moscow often offers discounted prices compared to world market benchmarks. Amid these dynamics, the European Union has delayed submitting a legal proposal to permanently ban Russian oil imports. The proposal, originally scheduled for April, was postponed due to recent geopolitical developments. “The proposal will be submitted,” he said, quoted from The Moscow Times. European Commission President Ursula von der Leyen also assessed that abandoning the strategy to reduce dependence on Russian energy would be “a strategic mistake.” The European Union previously targeted a gradual halt to Russian oil imports by no later than 2027.