Russia last month accounted for 40% of India’s oil imports and 20% of China’s, supplying more than 70% of its exports to these two countries.
In February, the physical volume of oil exports from the Russian Federation decreased by 500,000 barrels per day (bpd) compared to January, to 7.5 million bpd. And export earnings fell by $2.7 billion to $11.6 billion, the International Energy Agency (IEA) reported in a report on Wednesday, March 15.
It indicates that last month European deliveries from Russia fell by 760,000 bpd to 580,000 bpd. At the same time, shipments to China and India also fell, while cargoes of unknown destination rose by 600,000 bpd to 800,000 bpd. As a result, Russia in February supplied 40% of India’s oil imports and 20% of China’s, supplying more than 70% of its oil exports to these two countries.
According to the IEA, Russia’s revenues fell by 42% year-on-year.
At the same time, Russia slightly increased oil production in February (excluding gas condensate) by 13,000 bpd to 9.91 million bpd. Tax revenues from Russia’s oil industry rose 22% in February due to tax law changes to $6.9 billion.
At the same time, the Russian Federation in February provided 40% of India’s oil imports and 20% of China’s, providing more than 70% of its oil exports to these two countries.
It will be recalled that Russia decided to “voluntarily” reduce oil production in March. The reduction in volumes should amount to another 500,000 bpd.
It was also reported that oil from the Russian Federation was sold in the third month at a discount of more than $30.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.