What’s even worse than the revenue shortfall and the cost is that the mantra that deliveries from Russia are reliable will take a black eye. Russia is such a big factor in oil that many buyers never ever think of playing the “WHAT IF” game. This crisis will be dealt with but it leaves a splinter in everyone’s mind. When will it happen again? Is there worse to come? What are my alternatives? And in times of bearish oil markets and ever more sweet crude from US shale fields, forcing buyers to play the “What if” game is not great.
For almost four weeks, the tanker Mendeleev Prospect has been anchored idly off the Polish port of Gdansk unable to discharge a $50 million cargo of crude oil.