Oil exports from Russia rose to their highest level since the country invaded Ukraine on February 24, 2022. This was announced on May 17 CNNciting a report from the International Energy Agency (IEA).
Russia exported 8.3 million barrels per day of crude and refined oil in April. The agency added that the increase in crude oil exports offset the decline in exports of petroleum products.
The increase came despite the European Union last year banning all maritime imports of crude oil from Moscow and a total ban on imports of petroleum products. However, Russia has managed to divert huge volumes of its oil to China and India.
However, the agency estimates that Russia’s oil export revenues fell 27% in April compared to the same month in 2022.
Tax revenues from the country’s oil and gas sector, which accounts for about 45% of the federal budget, have fallen by nearly two-thirds over the same period.
The IEA said Russia could increase oil exports to make up for falling revenues. The IEA estimates that the country fell short of its commitment to OPEC+, a group of oil-producing countries, to cut exports by 500,000 barrels a day last month.
In early December 2022, the G7 member countries, as well as Australia and the EU, imposed a price cap on Russian oil, setting a maximum level of $60 per barrel. From February 5, 2023, these countries have introduced a price ceiling for Russian oil products: $100 for diesel fuel and $45 for various oils.
Russia is losing $172 million a day due to crude oil price caps, Bloomberg wrote, citing a report by the Helsinki Center for Energy and Clean Air Research (CREA). After the restrictions have extended to oil products, the Russian Federation will lose even more – $ 280 million a day.
In October, Bloomberg reported that a huge “shadow fleet” of tankers with unknown owners was being created to serve Moscow’s interests. Russian businessman Yevgeny Chichvarkin, who lives in the UK, said that the “shadow fleet” consists of at least 400 tankers.
#Oil #exports #Russia #reached #highest #level #invasion #Ukraine
2023-05-17 22:28:26
