The refusal reflects the pressure on Russia’s foreign trade due to the deterioration of the situation in the commodity markets.
In June, Russia’s exporting was reduced by the fifth month. The reason is a reduction in oil prices, which negatively affects trade. On Thursday, August 14, Bloomberg reported.
According to the Central Bank of Russia, published on Thursday, exporting overseas has reduced nearly 8% compared to last year after nearly 10% of the falls in May. In the second quarter, exports fell 5.9% compared to the same period last year, matching the rate of reduction recorded in the first quarter.
This decline reflects the pressure on Russia’s foreign trade due to the deterioration of the situation in the commodity markets. In July, the Central Bank noted that the collapse of prices was the main factor in this reduction.
Prices for Russia’s export oil, which at the beginning of the year cost more than $ 70 per barrel, in the second quarter on average worth $ 56 per barrel, according to the bank.
It is hoped that prices will decrease even in the second half of the year due to degradation of demand and supply balance, especially due to accelerating production growth in the OPEC+framework.
The Central Bank is now predicting Russia’s average oil price this year to 55 dollars per barrel, reducing a previous $ 60 forecast.
However, the latest penalties in the EU, called “one of the most stubborn”, has never had a significant influence. The steps of US president Donald Trump against Russian oil consumers and the threat of new tariffs did not lead to significant flow failures, Bloomberg wrote.
Russian oil discount on world prices is narrow to the lowest level from the beginning of the war in Ukraine, despite the EU’s attempt to reduce Russian oil maximum price from $ 60 per barrel.
The day before it was reported that the Russian Federation was forced to reduce oil prices after market loss in India.
It is also known that Russia’s income from oil exports has fallen by 20%, which has been the result of a number of factors, such as a reduction in the world’s energy prices, increased tax pressure and the influence of international penalties.
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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.