According to data compiled by Bloomberg, in the seven days leading up to Dec. 30, Moscow received $108 million in oil export duties, down $15 million, or 12 percent, from a year earlier. compared to the previous period.
Crude oil exports fell in four weeks to 2650 thousand. Barrels per day, which means a decrease of 117 thousand. barrels per day compared to the previous period.
It happened shortly after The European Union imposed a partial embargo on Russian oil and gave The maximum price is $60. per barrel. Both decisions took effect on December 5.
Oil exports fell by 54%. In the first full week of sanctions, which is problematic for Russia because oil is one of the country’s main sources of income.
before the final punishments Europe has been one of Russia’s biggest customers and is hard to replace. According to Bloomberg, Moscow relies on China, India and Turkey, which are currently the only major recipients of Russian oil.
Russia’s oil price cap has enabled customers to fight for deeper discounts. Traders familiar with the matter said Seven shipments were sold to India at a price below the G7 ceiling, despite Russia’s announcement To stop dealing with any country that supports this mechanism.
In recent days, benchmark oil prices have fallen below $80. per barrel due to fears that the increase in Covid cases in China will lead to a decline in demand.
However, prices may rise again as Russia has threatened to reduce the amount of its oil on the market by 700,000 tons in retaliation for the price cap. barrels per day.
In addition, according to UBS, just because of the EU embargo, Russian oil production will drop by at least 1 million barrels per day, which could push the price of Brent oil over $100. per barrel.
Above is a translation of the article from Insider US edition.
Written by Jennifer Sur
Translation: Mateusz Albin
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