At the same time, Russia continues to earn $ 159 million per week from oil exports.
Russia’s oil deliveries to India and China have fallen nearly 20% after Saudi Arabia and Iran announced discounts to compete with cheap grades in Russia. This follows from tanker traffic statistics, cited by Bloomberg.
Thus, for the week ending July 8, they reached 1.76 million barrels per day, although from mid-April to June they exceeded 2-2.1 million barrels.
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Overall, last week Russia was able to export abroad by sea of 3.11 million barrels per day. The four-week average of exports from all Russian ports fell to its lowest level since April, thanks to lower demand from India and China, two countries that have ramped up purchases since war broke out.
Russia’s oil exports to China have fallen by 25% compared to the beginning of June – from 1.18 to 0.89 million barrels per day; in India – by 27%, from 840 to 610 thousand barrels per day.
Discounts of tens of dollars per barrel offered by Russian oil companies to sell the Urals grade that have become toxic have triggered a response from Middle Eastern producers. Saudi Arabia cut prices for high and medium sulfur oil Arab Heavy and Arab Medium to the lowest level since 2014 against the Oman/Dubai regional benchmark. Iran, which previously sold sanctioned barrels at double-digit discounts, has been forced to increase it by $ 5-6 compared to Brent.
Now Iran’s oil, according to traders, is close to the price in the Urals grade in deliveries, which should arrive in China in August. As a result, Russia’s deliveries to Asia are down for the fourth consecutive week.
The situation for Russian oilmen is complicated by the fact that at the same time oil exports to the Mediterranean are falling, where, after the imposition of an embryo from the EU, Italy began to reject oil Russia, which bought 500,000 barrels per day in the early part. June. Now it has reduced imports to 330,000.
Although the flow of physical oil decreased, it did not affect Russia’s budget revenues: the increase in export duties, which began in June, is now protecting the government from falling commodity rents. The Treasury earns $ 159 million per week from oil exports.
It was previously reported that oil production in Sakhalin had fallen dozens of times due to sanctions.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.