NewsIEA: Western sanctions helped Russia find new oil markets

    IEA: Western sanctions helped Russia find new oil markets

    Russian exports increased to 8.2 million barrels per day in January.

    Russian oil exports increased considerably in the first month of the year, despite the wave of sanctions imposed against Moscow, as revealed on Wednesday a report by the International Energy Agency (IEA).

    Russian oil exports increased in January to 8.2 million barrels per day. It is underlined that last month’s deliveries “they approached the historical record” established in February 2020, but exact figures are not given, Vedomosti collects.

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    Crude exports experienced month-on-month growth of almost 300,000 barrels per day. In total, export earnings are estimated at $13 billion. Meanwhile, supplies to the EU were reduced by three times in January 2023.

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    Thus, the IEA indicates that Western sanctions helped Russia to find new markets for oil. “The country has achieved redirect crude oil shipments to Asia and the G7 price cap on crude oil appears to be helping to keep barrels flowing,” reads the text of the report.

    For example, Russian oil exports to China they broke a record in January, with 2.1 million barrels per day, according to the agency.

    Russian oil deliveries to Turkey they went from 40,000 barrels per day in December 2022 to 180,000 in January of this year. New buyers of Russian oil also appeared. These include countries like Ghana (20,000 barrels per day in January) and Indonesia (25,000 barrels per day).

    • In early December, the G7 countries, the EU and Australia agreed to cap the price of Russian seaborne oil at $60 a barrel.
    • On February 5, new restrictions came into force: the embargo and the European Union’s price cap on maritime supplies of Russian petroleum products.
    • In particular, a limit of 45 dollars per barrel for products that are sold at a discount to crude oil (such as fuel oil), while they are fixed 100 dollars per barrel for petroleum articles that are sold at a premium in relation to crude oil (diesel, kerosene and gasoline).
    • From Moscow they have repeatedly stated that they would not supply their petroleum products to the countries that have joined the measure.
    • Since February 1, a decree signed by Russian President Vladimir Putin has been in force, prohibiting deliveries to foreign companies and individuals if the contracts “directly or indirectly provide for the use of the price cap.”
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    Source: RT

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