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Oil shocks ahead as refiners hunt new sources

Author: Emily Thompson, The Prague Post Date: Mon, Apr 23 2012 5837 Views
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Crude oil markets got quite a startle in early April when news surfaced that oil deliveries from Russia to refiners in Poland, Germany, the Czech Republic, Slovakia and Hungary would be cut over price disputes and lack of supply.

Though refiners now claim they've got the situation under control, analysts and market insiders say there will be more shocks to come before alternate supply routes are secured.

Representatives of Russian pipeline operator Transneft said April 9 there were only three more days of supplies left for regional customers, because the Russian suppliers had failed to submit transit requests. It later came to light that local refiners had not agreed to price increases with some suppliers.

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