Russia's oil export revenue up 12% in February - report
Kyiv • UNN
Russia's revenues from maritime oil exports grew by 12% in February, but exports were down 3% month-on-month due to higher Russian oil prices rather than increased exports.
In February, Russian revenues from marine exports of crude oil increased by 12%, but exports decreased by 3% compared to the previous month. This is stated in a report by the Center for Research on Energy and Clean Air (CREA), UNN reports.
Russia's revenues from sea exports of crude oil increased by 12% in February, amounting to approximately 24 million euros per day, but exports were down 3% compared to the previous month.
The growth in export earnings was driven by higher prices for Russian oil during the month, rather than by an increase in exports.
The report says that in February, 45% of Russian oil and oil products were transported by tankers subject to the oil price cap policy. The rest was transported by "shadow" tankers that were not subject to such restrictions. Almost two-thirds of the total volume of Russian oil shipped in February was transported by shadow tankers. In particular, 35% of the total volume was transported by tankers owned or insured in countries that have set an upper threshold for oil prices.
"The average price of Urals and East Siberia Pacific (ESPO) increased by 14% and 3%, respectively. Prices for both grades have now risen well above the price cap, with Urals prices returning to the level they were at for most of 2023," the report says.
Recall
The United Kingdom continues to indirectly import millions of barrels of Russian oil each year through petroleum products refined from Russian crude oil in countries such as India, which are then exported to the UK, undermining Western sanctions aimed at limiting Russian oil revenues.