2023-05-16 17:46:00
Russia’s oil exports have risen to the highest level since Vladimir Putin’s troops invaded Ukraine more than a year ago, according to a report by the International Energy Agency (IEA), cited by CNN.
Russian oil tankerFoto: Ian Fairbrother / Alamy / Profimedia Images
In April, Russia exported 8.3 million barrels per day of crude oil and oil, according to the IEA’s monthly report on oil, published on Tuesday, writes News.ro. The increase in crude oil exports compensated, on the other hand, the decrease in exports of refined products, the agency stated.
The increase comes despite the fact that the European Union last year imposed a ban on all maritime imports of crude oil from Russia and a total ban on imports of refined petroleum products.
However, Russia managed to redirect huge volumes of its oil to China and India.
India resells Russian oil
India has become one of the biggest buyers of Russian oil since Moscow invaded Ukraine – and sends much of it back to Europe as refined fuel.
IN A article published on Tuesday by the Financial Times, the head of the European Union’s foreign policy, Josep Borrell, said that the EU should take drastic measures once morest India, as it sells Russian oil back to Europe. Borrell warned that this practice “is certainly a evasion of sanctions, and member states must take measures”.
“Russia appears to be having little trouble finding buyers willing to take its crude and oil products,” the IEA said in its report.
Russia has not kept its commitments to OPEC+ to reduce its exports
However, Russia’s oil export earnings fell 27 percent in April compared to the same month in 2022, the agency estimated.
Tax receipts from the country’s oil and gas sector – which contributes regarding 45% to the federal budget – fell by almost two-thirds over the same period.
The IEA said Russia might increase oil exports as a way to offset falling revenues. The country failed to meet its commitment to OPEC+, the group of oil-producing nations, to cut exports by 500,000 barrels a day last month, according to IEA estimates.
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