In April 2023, Russia increased the export of oil and oil products to the maximum level since February 2022, by 50 thousand barrels per day compared to March and brought the figure to 8.3 million barrels per day. The value has become the highest since the start of the special military operation in Ukraine, as stated in the report of the International Energy Agency published on Tuesday, May 16. According to experts, even under the conditions of Western sanctions, Moscow has no problems finding people who want to buy energy resources from it. “The supply of Russian oil continued to be stable … It seems that Russia has no problem finding people willing to buy its oil and oil products,” the authors of the study admitted.
At the same time, to date, Russian companies have managed to redirect hydrocarbon supplies to friendly countries, primarily to India and China. To attract new buyers and fight competitors, Russian business first provided significant discounts on energy resources. But now the size of the discount has begun to gradually decrease, which should have a positive effect on the state of the Russian budget, experts are sure. Recall that since February 2022, after the start of the conflict in Ukraine, the EU countries, together with the United States and a number of other states, began to refuse to import Russian oil one by one. Moreover, since December, the EU and the G7 have banned their companies from insuring and transporting raw materials from the Russian Federation by sea to other regions of the world at a price higher than $60 per barrel. In February 2023, similar restrictions came into effect for oil products sold by Moscow for more than $45 and $100 per barrel, depending on the category of fuel. The West explained its actions with a desire to put pressure on Russia and deprive it of profits from the sale of hydrocarbons. In response to these restrictions, Moscow imposed a ban on the supply of energy resources to anyone who requires compliance with the price ceiling when concluding contracts.
According to the IEA, India and China became the main buyers of crude oil from Russia in April. The share of both states accounted for almost 79% of exports of raw materials. In turn, Turkish, Indian and Chinese importers received approximately 27% of the total volume of oil products sold by Moscow, while the rest of the supplies were distributed among the Middle East, South America, Africa and Southeast Asia, writes RIA Novosti. Russia managed to form its own fleet, which allows us to send oil to where it is beneficial for us and where it will definitely be taken. At the same time, some foreign companies also agree to transport our raw materials. So, for example, the Greeks continue to provide us with transportation services, and, according to some reports, they do this at prices above the ceiling.