 |
Louisiana Light • 3 days | 68.73 | -2.92 | -4.08% | ||
|
Bonny Light • 24 days | 78.62 | -2.30 | -2.84% | ||
|
Opec Basket • 3 days | 71.41 | -0.82 | -1.14% | ||
|
Mars US • 314 days | 75.54 | -1.36 | -1.77% | ||
|
Gasoline • 10 mins | 1.935 | +0.038 | +1.98% |
|
Bonny Light • 24 days | 78.62 | -2.30 | -2.84% | ||
|
Girassol • 24 days | 79.56 | -1.80 | -2.21% | ||
|
Opec Basket • 3 days | 71.41 | -0.82 | -1.14% |
|
Peace Sour • 11 hours | 63.06 | +1.56 | +2.54% | ||
|
Light Sour Blend • 11 hours | 64.31 | +1.56 | +2.49% | ||
|
Syncrude Sweet Premium • 11 hours | 68.56 | +1.56 | +2.33% | ||
|
Central Alberta • 11 hours | 64.31 | +1.56 | +2.49% |
|
Eagle Ford • 3 days | 62.23 | -2.96 | -4.54% | ||
|
Oklahoma Sweet • 3 days | 62.25 | -3.00 | -4.60% | ||
|
Kansas Common • 2 days | 57.50 | +1.50 | +2.68% | ||
|
Buena Vista • 2 days | 74.31 | +1.56 | +2.14% |
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German Politician Looks to Revive Russian Oil Imports
Sara Wagenknecht, founder of Germany's ultra-left party BSW, has announced plans to lift the embargo on Russian oil if her party participates in the Brandenburg state government. Wagenknecht argues that resuming the supply of Russian oil to the Schwedt refinery would be more efficient and economical than the current situation, where the refinery operates at reduced capacity.
In 2021, before the war in Ukraine, the PCK Schwedt refinery operated at 98.8% capacity. However, due to the embargo on Russian oil imposed in early 2023, the refinery's capacity dropped to 76.2% in the first half of 2024. Wagenknecht has referred to the current embargo as a "stupid policy" that harms both Brandenburg and Germany as a whole.
Wagenknecht's proposal to lift the embargo is part of her broader political agenda, which includes opposition to arms supplies to Ukraine and advocating for immediate negotiations between Ukraine and Russia. With upcoming state elections in Brandenburg, Saxony, and Thuringia in September 2024, Wagenknecht's stance is gaining attention. Polls suggest that Alternative for Germany (AfD) leads in Brandenburg with 24% of the vote, while Wagenknecht's BSW, participating for the first time, is polling at 17%.
Wagenknecht's plans have sparked debate, as the federal government initially sought oil supplies from other sources following Russia's invasion of Ukraine. Despite these efforts, pre-war production levels at Schwedt have not been restored, leading to continued uncertainty for the region's energy sector.
In July, German state secretary Michael Kellner said that the refinery, which was running at 80% capacity at the time, had no incentive to go any higher due to market conditions.
The PKC Schwest Refinery is one of Germany's largest refineries and provides oil to Berlin as well as Poland and other European Companies. Rosneft Deutschland GmbH holds a 37.5% stake.
By Julianne Geiger for Oilprice.com
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Julianne Geiger
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.
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