ill lose around one million barrels per day in oil exports, according to analyst Jarand Rystad, head of Rystad Energy, from the 10.5 million bpd it sold last year.Brent North Sea crude oil - the industry benchmark - rocketed this week to nearly US$120 per barrel, while gas hit a record peak.
Germany imported 55 per cent of its gas from Russia last year, and its vows to slash this figure and boost renewables like wind and solar will take years to realise. Finland's energy group Neste says it has"mostly replaced" Russian crude with alternatives such as North Sea oil. Some non-Russian crudes like Kazakh oil are also being penalised since they are exported via Russia ports, which have been blacklisted by shipping companies.Nonetheless, some buyers may return if the West definitively rules out sanctions on the energy industry.
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