RUSSIA: CRUDE OIL EXPORTS FALL 9% IN 1ST MONTH AFTER PRICE CAP IMPOSITION
India and China are responsible for buying 80% of shipments from the Eurasian country in the period
According to Kpler data compiled by Anadolu, Russia’s maritime crude oil exports fell from 3.05 million barrels per day (bpd) in November to 2.79 million bpd in December, the lowest in 15 months. In the period, India and China were the biggest buyers of Russian fuel, with 1.3 million bpd and 950 thousand bpd, respectively. Together, the two countries imported around 80% of that total. This is the first data released after the group of seven main world economies (G7), together with the European Union and Australia, established, on December 5th, a price ceiling of US$ 60/barrel for Russian oil as form of retaliation for the invasion of Ukraine. In response to the price limit, on the 27th of last month the president of the Eurasian country, Vladimir Putin, signed a decree, prohibiting the supply of energy assets and derivatives to the nations involved. The ban will come into effect from February 1 and will last for five months.
This text was translated by machine from Brazilian Portuguese.