According to Bloomberg data, Russian crude oil exports hit a new high in the four weeks leading up to May 5th.
Most of the shipments were destined for China and India, which are buying up the cheap supplies.
Moscow threatened production cuts three months ago, but so far there has been little sign of implementation.
We’re currently testing machine translations of articles by our US colleagues to bring you even more exciting content. This article has been automatically translated and reviewed by an editor. We welcome feedback at the end of the article.
Despite the three months ago by Moscow threatened production cuts, the Russian ones rose crude oil shipments further on.
Higher export volume despite reduced production?
In the four weeks ended May 5, ship shipments reached 3.55 million barrels per day, the highest level on record Bloomberg Early 2022. Almost all Russian crude oil exports fell last month China and Ifand also the supplies after Asia reached a new high.
read too
In February, the Kremlin announced, citing the Western sanctions against Russian oil to cut production by 500,000 barrels per day from March. While it’s possible that exports are rising while production is falling, Russia’s explanation doesn’t hold water.
Moscow has claimed that higher exports by sea would be offset by a drop in pipeline exports to Europe. However, exports via the Druzhba pipeline had declined in January and February, ahead of the alleged production cuts.
New buyers for Russian oil
Rising exports by sea continue a trend already seen in March and April. Last month they were Russian oil exports even above pre-war levels. China and India were buying around 1.5 million barrels a day, according to data analyst Klper, and Turkey and Bulgaria were also among the main buyers.
Before the Krieg related If less than one percent of its total Russia. It now gets more than half of its oil from the sanctioned country, helping offset the loss in European demand.
read too
However, yields from these barrels have fallen, even though Russia’s delivery figures remain high. The Treasury said last week, according to Bloomberg, that budget revenue from crude oil and petroleum products had fallen to around a third of the previous year’s level.
“>External content not available
Your privacy settings prevent the loading and display of all external content (e.g. graphics or tables) and social networks (e.g. Youtube, Twitter, Facebook, Instagram etc.). To display, please activate the settings for social networks and external content in the privacy settings .