Under G7 and European Union sanctions, Russia’s oil revenues fell 42% year-on-year in February, even though the country traded more or less the same volume, the agency said on Wednesday. International Energy Agency (IEA). “According to our estimate, Russia made $11.6 billion in February, compared to $14.3 billion in January and almost $20 billion a year ago.“His monthly report on oil emphasizes.
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gold”A year after Russia’s invasion of Ukraine, the country is still sending approximately the same amount of oil to the world markets. This shows that the G7 sanctions regime has not allowed to reduce the global supply of crude oil and petroleum products, while limiting Russia’s ability to generate export revenues.“.
Exports decreased by 500,000 barrels per day
Russian oil production was still about the same level as before the conflict in February. Exports fell by 500,000 barrels per day to 7.5 million barrels (mb/d). Over the past year, the 4.5 million barrels per day of Russian oil previously destined for the EU, North America and other OECD members have largely found other recipients.
Now, Russian oil mainly goes to Asia, especially to India, and to a lesser extent to China, which take advantage of the discounts provided. Thus, in February it accounted for about 40% and 20% of crude oil imported by India and China, respectively; Between them, the two countries absorbed more than 70% of Moscow’s exports, according to the IEA. For oil products other than crude, Africa, Turkey and the Middle East are also recipients.
Source: Le Figaro
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