Bloomberg: Russia’s crude oil revenues fall to record low
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Offshore deliveries of Russian crude oil from October 14 to 21 fell to record levels due to sanctions.
Amid reduced exports and a low duty rate of $6.06 a barrel, Russia’s weekly crude oil revenues fell to their lowest level since February, Bloomberg reported.
According to the agency, at least one of the three countries that still import Russian oil may reduce purchases. So far, exports to China and India remain stable, but two of India’s key refineries have already stopped buying Russian oil.
Transportation of raw materials to India by sea takes several weeks, which increases the chances of tankers falling under EU sanctions even before they arrive in Indian ports. Deliveries in India are likely to continue until November 7, while the ship’s insurance period is in effect.
It is noted that from October 14 to October 21, Russian oil exports fell by 290,000 barrels per day, or nine percent, compared with the previous week.
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