According to the International Energy Agency (IEA), Russia’s revenue from crude oil exports last December was only about 14.4 billion USD, the lowest level in 6 months.
According to According to data from the IEA, Russian oil exports per day reached 7.8 million barrels, exceeding the level before the Covid-19 epidemic. Falling oil prices are the reason why revenue and profits from this country’s “black gold” have stagnated. “Discounts increased while prices decreased, causing revenue to decline but still at an acceptable level,” the IEA said.
Analysts predict that Brent oil price this year could reach an average of 84.4 USD/barrel. This expectation is given in the context that oil demand next year is forecast to increase by 1.1-2.25 million barrels. /day according to IEA and OPEC.
Last year Russia actively shifted towards selling energy from Westerners going to Asia make the most of old fleets to transport crude oil. Sanctions on Russian oil, especially the price ceiling of 60 USD/barrel, are also considered increasingly ineffective.
In response to Western sanctions on price ceilings Russian oil continuously increases discounts for countries that buy fuel from this country such as China and India.
However, the US has punished ships and ship operators for selling Russian oil at a higher price. ceiling of 60 USD/barrel. After sanctions, some ships intended to transport oil to India were diverted. This reduced India’s oil imports from Russia in December to the lowest level in nearly a year.
Indian Oil Minister Hardeep Singh Puri said the decline in oil imports India’s Russia is due to unattractive prices, not payment problems.
The IEA forecasts that Russia’s crude oil export revenue will increase again when market prices go up. China and India are forecast to continue to rely on supply from Russia.
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