The European oil market just received another supply shock ahead of the looming EU embargo on seaborne Russian oil imports. A Russian court has ordered the closure of a key Russian Black Sea export route, through which most of Kazakhstan’s crude oil passes to Europe. The Russian court ruling further complicates Europe’s efforts to procure non-Russian oil in a tight physical market. It also highlights the fact that Moscow could go to any lengths to stifle oil supply to “unfriendly” countries which are banning imports…
