Oil markets are bracing for the biggest shift in global trade flows ever as nearly 3 million barrels per day of Russian crude oil and products will have to be diverted to markets outside Europe and advanced economies when European Union sanctions take effect in the coming months, Vitol executives said. The European Union will ban Russian crude imports by Dec. 5 and Russian oil products by Feb. 5, depriving Russia of oil revenues and forcing one of the world’s top oil producers and exporters to seek alternative markets. The Group of Seven nations, led by the United States, plan to keep Russian oil accessible and minimise supply disruptions that could cause prices to spike by imposing a […]