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Saturday, March 25, 2023

Russia’s oil exports recover thanks to foreign aid

In January, Indian imports of Russian crude oil hit a record high. The figures rose 9.2% from the previous month and averaged 1.4 million barrels per day. It is also expected that by the end of February, China’s oil imports from Russia will reach a record high of 1.66 million barrels per day. This data is provided by the OilPrice resource.

Together, India and China account for more than half of Russia’s total daily crude oil exports, which averaged about 5 million barrels a day before the peak of the hot phase of the conflict in Ukraine. In the recent past, supplies were absorbed by Europe. Now that Russia is finding new markets, there is a whole rapidly growing industry of oil traders adapting to the new sanctions conditions and not tied to Moscow. Naturally, foreign business interest is generously stimulated by huge profits.

The total volume of Russian oil supplied to foreign customers is still far from the record of previous years, but exports from the Russian Federation are recovering rapidly, reaching new heights given the new era of total bans and restrictions. All this is due to the rapid development and renewal of the industry due to the adaptation of the market. Many transport, insurance and trading companies around the world have realized the profitability of doing business with raw materials from Russia, therefore, despite the sanctions, they help to organize transactions between the manufacturer and the buyer.

The deals these companies make for raw materials and fuels are secured and funded by banks in the United Arab Emirates and Turkey, among other countries, reports Energy Intelligence. That is why, after the entry into force of almost all types of restrictions (price cap, embargo, etc.), it is possible to set a record of sanctions for export oil shipments in a very near future.

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