Russia earns an additional $150 million per day from oil – FT
Kyiv • UNN
The escalation in the Middle East has brought Russia up to $1.9 billion in 12 days. India and China are massively increasing their purchases of Russian raw materials in Asia.
Due to the escalation of the situation in the Middle East and the rise in oil prices, Russia is receiving additional revenue from raw material exports. According to Financial Times estimates, the Russian budget is currently earning approximately $150 million per day above planned revenues. This is reported by UNN.
Details
In the first 12 days of the conflict, Russia's oil revenues increased by $1.3–1.9 billion. If oil prices remain at $70–80 per barrel, additional revenues to the Russian budget in March could amount to $3.3–4.9 billion.
Growing demand in Asia
After the US temporarily allowed India to increase its purchases of Russian oil, Indian companies intensified the conclusion of new contracts. According to the FT, in just five days they agreed on the supply of approximately 30 million barrels – as much as they bought in all of February.
At the same time, Chinese oil refineries are also increasing purchases. Analysts note that if the crisis drags on, India and China may start competing for Russian oil, the price of which has already risen to approximately $85 per barrel.