In March, Russia’s oil exports hit their highest level in three years. This is reported by the International Energy Agency (IEA).
Russian oil exports rose to their highest level since April 2020 in March. According to the IEA report, this was due to a jump in the supply of petroleum products, which returned to the level before the start of the NWO in Ukraine.
“Oil deliveries increased over the month by 600,000 bpd to 8.1 million bpd. And the export of petroleum products increased by 450 thousand – up to 3.1 million barrels per day, ” the agency says. According to him, Russia’s income from oil exports recovered by $1 billion and amounted to $12.7 billion in March, which is still 43% lower than a year ago.
Since December, the EU has banned the import of Russian oil, and in February – oil products. For third countries, the European Union at the same time set a price ceiling for Russian products. The reorientation to new markets has led to the fact that oil and oil products are sold at a significant discount, which hits the budget.
However, the discount is shrinking, Russian officials say. Deputy Minister of Finance of Russia Vladimir Kolychev said that the department sees the prerequisites for the growth of oil and gas revenues.
“It is already clear: since the beginning of April, the price of Urals oil has been about $60 per barrel. In the first quarter it was $ 50 – that is, the difference is already $ 10, in principle, this is already a significant value, ” – the press service of the department reports the words of the deputy head of the Ministry of Finance.
As reported EADaily, after the introduction of a price limit for Russian oil in December last year, the Ministry of Finance reported an average export price in the region of $ 50 per barrel. Whereas $70 is included in the budget. A decrease in the cost for every $10 per barrel can deprive the treasury of 1 trillion rubles of income.
