Exports of petroleum products to Russia remained unchanged in February, but crude supplies fell to 4.75 million barrels per day.
Russian oil export earnings fell in February as increased monitoring of Western sanctions curbed the appetite of some buyers. Bloomberg reported this with reference to data from the International Energy Agency (IEA) on Thursday, March 14.
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Thus, Russia, which is one of the three largest oil producers in the world, last month earned $15.69 billion from the export of crude oil and petroleum products. This figure is 0.95% lower than in January.
It noted that Russian exports of petroleum products remained unchanged in February, but crude supplies fell to 4.75 million barrels per day from a December peak of 5 million barrels per day.
The decrease in Russian exports abroad was mainly caused by India, which reduced purchases of Russian crude oil by 420 thousand barrels per day in February compared to a month earlier.
The agency recalls that Russia is India’s largest oil supplier, and the South Asian country takes advantage of the cheaper barrels offered to it, banning imports to Western countries.
“However, in recent months, the United States and its allies have stepped up global monitoring of compliance with energy sanctions against the Kremlin, and Indian refiners are now looking to buy more energy from to producers competing with Russia such as Saudi Arabia,” the article said.
Earlier it became known that in the second quarter of this year Russia will reduce the production and export of oil by 471 thousand barrels per day. Therefore, the aggressor country tries to keep the price of oil high.
Source: korrespondent
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