Battle over Russia’s raw materials and oil products – #Battle #Russias #raw #materials #oil #products
MOSCOW, March 15 (Reuters) – Western countries have imposed wide-ranging sanctions on Russian crude oil and oil products to curb Russia’s oil revenues.
According to the International Energy Agency (IEA), Russia’s total oil and oil product exports in February 2023 will be 7.5 million barrels (bpd) from 7.7 million bpd in 2022 (7.5 million bpd in 2021). ) has come down.
According to the IEA’s calculations, Russia’s revenues from the export of oil and oil products in February 2022 and 2021 will be 18.7 and 14.9, respectively. billion dollars 11.6 from the monthly average billion decreased to dollars.
Below are the sanctions imposed so far, their impact and Russia’s response:
CRUDE OIL
– G7, European Union and Australia by sea from December 5 way All delivered with Russia crude oil – or the E.U Russia they stopped buying 2/3 of all imports of raw materials.
– G7, EU and Australia also from December 5 with the price of a barrel above 60 dollars Russia agreed to ban the use of marine insurance, finance and brokerage provided by the West for oil.
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– The old oil tanker market has risen as new companies rush to transport Russian crude oil.
– President of Russia Vladimir Putin banning the supply of crude oil and petroleum products to countries that comply with the restriction from February 1 decree signed.
– Russian government to local oil exporters and customs prohibited its authorities from complying with the price restrictions imposed by the West on Russian crude oil.
Kommersant news gives that Russia’s oil and gas condensate production reached pre-sanctions levels for the first time in February – about 1.508 million tons per day.
– Russian Deputy Prime Minister Alexander Novak said at the beginning of February that despite the Western price limits and sanctions, the situation regarding oil production and export in the country is stable.
– Novak said that despite Western sanctions and price restrictions, Russian oil producers had no difficulty securing export deals.
– Crude oil loadings from Russia’s Baltic ports of Primorsk and Ust-Luga and Novorossiysk port on the Black Sea are higher than planned for February 10% was less.
– According to market sources and Reuters estimates, Russia will increase oil exports and transit from western ports in March on a daily basis from February. 10plans to reduce %.
– Putin tax signed the law providing a discount on Urals crude oil for calculations.
– Russia is preparing to cut daily oil production by 500,000 barrels or about 5% of production in March.
OIL PRODUCTS
– G7 economies, European Union and Australia by sea from February 5 way has stopped the purchase of all Russian oil products delivered in
– EU from February 5 for seafood products sold at higher prices for crude oil, mainly diesel 100 dollars/barrel, and 45 for discounted products such as fuel oil and naphtha dollars/barrel set a price ceiling.
– In February, the EU imposed sanctions on oil products produced outside the country from Russian oil free and the price limit for petroleum products mixed with petroleum products of other countries cancellation did
– Russia’s diesel export to Turkey reached a record level in February, Refinitiv information.
– Russia exports diesel to Saudi through ship-to-ship loadings – traders, Refinitiv data.
– Russia begins diesel exports to Saudi Arabia – traders, Refinitiv data.
– Russia exported a record volume of diesel fuel to Brazil in February, Refinitiv.
– Russia redirects diesel exports to Africa, Asia and STS-traders after EU embargo, Refinitiv data.
– Russia’s price restrictions increase India’s interest in naphtha and fuel oil, not diesel.
– According to data from industry sources and Reuters estimates, Russia’s offshore oil product exports fell 10.4% on a daily basis in February.
Reuters report; Edited by Guy Faulconbridge
Our standards: Thomson Reuters Trust Principles.
2023-03-15 14:01:52
Source – reuters
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