2023-05-16 11:27:13
In April, Russian oil exports rose by 50 thousand barrels per day (b / d), to 8.3 million b / d, according to report International Energy Agency (IEA). According to him, this was the maximum since February 2022. At the same time, Russia’s export earnings decreased by 27% compared to last year, to $15 billion, while tax revenues from the oil and gas sector fell by 64%.
Compared to March, Russia’s export earnings increased by $1.7 billion. The IEA specifies that this happened against the backdrop of “an increase in crude oil exports and a narrower discount on Urals oil.” The agency concludes that Russia “seems to have no problem finding people willing to buy its oil and oil products, often at the expense of other OPEC+ members.” The IEA names Turkey as the main buyers of Russian oil products (receives 430,000 b/d), China (220,000 b/d) and India (180,000 b/d).
On December 5, 2022, the embargo on Russian oil came into force, from the same day a ceiling on oil prices from Russia was set at $60 per barrel. Since February 5, 2023, the EU embargo on Russian oil products has been in effect. According to the Helsinki Center for Energy and Clean Air Research, the price ceiling costs Russia €160 million ($172 million) daily. In April, Algeria, Iraq, Kazakhstan, Kuwait, the United Arab Emirates, Oman, Russia and Saudi Arabia announced voluntary cuts in oil production.
About the situation on the market – in the publication “Kommersant” “The barrel is rolling in a circle.”
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