IEA announced a drop in Russian oil and gas revenues by $8 billion in January
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A ceiling on Russian oil prices is likely to cut Russia’s oil and gas revenues by $8 billion in January compared to the same period last year, transmits Reuters with reference to the Executive Director of the International Energy Agency (IEA) Fatih Birol.
According to Birol’s estimates, Moscow’s revenues from oil and gas exports will fall by 30% or $8 billion in the last month due to the price ceiling for Russian energy resources set by Western countries. On December 3, 2022, the EU countries agreed on a price ceiling for Russian oil in the amount of $60 per barrel, the restriction came into force on December 5, along with a ban on the supply of Russian oil by sea to the EU countries. In addition to the EU countries, the G7 countries and Australia also joined the ceiling.
In addition, this week the European Commission and the US Treasury approved introduction of a price ceiling for Russian oil products, the measure came into effect on February 5. Limits are set at $100/bbl. (about $730/t) and $45/bbl. (about $330/t) for diesel and fuel oil, respectively.
In October, Bloomberg, citing the IEA wrotethat Russia’s revenue from oil exports in September decreased to $15.3 billion, which at that time was the lowest figure in 2022. At the same time, in November, Moscow increased the export of oil and petroleum products to 8.1 million barrels per day (b / d ) – the maximum value since April, Reuters reported with reference to the agency’s report. According to his calculations, Russia’s export earnings fell by $0.7 billion and amounted to $15.8 billion in November.
Following the introduction of the oil price ceiling, Russian President Vladimir Putin signed a retaliatory decree on December 27, 2022, according to which Russia will not supply oil if the contracts explicitly or implicitly provide for a price cap mechanism. It is emphasized that this measure is applied at all stages of deliveries to the final buyer. The document entered into force on February 1.
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