oil shortage,
gas shortage,
sanctions,
energy sector,
balance of supply and demand,
oil cargo transportation,
OPEC+
Abstract
The article analyzes the sequential events during the implementation of the sanctions,Russia's role in global oil and gas supplies,and the dependence on changes in Russian oil export volumes and the average monthly prices of Brent and Urals crude oil.The author proposes recommendations for avoiding the loss of export potential during the anti-Russian sanctions period.Bythe end of 2022,the European Union's strategy of shifting to renewable energy sources,the reduction of Russian gas supplies amid sanctions pressure,and terrorist attacks on the Nord Stream 1 and Nord Stream 2 pipeline systems led to an energy shortage in the global market and a global energy crisis.The decrease in oil shipments from Russia to the European Union can be compensated by the countries in the Organization of the Petroleum Exporting Countries (OPEC). Russian oil falling under sanctions may be directed to Asia-Pacific region (APAC) countries.The cooperation of OPEC+ countries is essential to avoid unjustified losses during the anti-Russian sanctions period and avoid confrontation and competition among friendly countries in the Asia-Pacific market.The author proposes to form an action plan to coordinate changes in Eurasian cargo flows with the increased presence of Russia in the Asia-Pacific market, along with a simultaneous increase in the supply of resources by OPEC countries (replacing those fallen under anti-Russian sanctions) to the European Union.
