Russia’s crude oil exports by sea hit a new high of 3.55 million barrels per day (bpd) in the four weeks to May 5, the highest shipments since at least early 2022, tanker-tracking data monitored by Bloomberg showed on Tuesday.
Washington (AFP) – Facing a deep economic crisis, Pakistan has started to buy Russian oil, but the country’s petroleum minister says the future lies in diversified, especially green, energy.
The G7-led price cap on Russian oil exports has forced the Kremlin to raise the tax burden on producers, dealing a fresh blow to an energy sector already struggling with western sanctions, according to officials from the western coalition.
Greek shipping tycoons and their tanker companies are moving large volumes of Russian oil and are making a lot of money off these trades, which are mostly shunned by other Western ship owners after the West moved to sanction Russia’s crude.
Earlier this year, Russia said it would reduce its oil production rate by half a million barrels daily in response to Western sanctions and as part of OPEC+ efforts to prop up international oil prices.
Türkiye has agreed with Russia’s Gazprom on deferring payment for part of the natural gas it imported after a price surge last year, Energy Minister Fatih Dönmez said.
Global refining margins have halved since February as Russian crude exports remain elevated despite sanctions, boosting fuel output from China and India, Reuters has reported, noting the coming boost in global refining capacity.
Russian plans to increase natural gas exports to China by almost 50 percent this year, Deputy Prime Minister Alexander Novak has said.
Pakistan has placed its first order for discounted Russian crude oil, a move that could potentially reduce the country’s reliance on Middle Eastern oil producers. The order amounts to around 100,000 barrels per day (bpd) of Russian crude oil, which does not include related products.
Saudi Arabia and the UAE, traditional Middle Eastern allies of the United States, are not shying away from importing, storing, trading, or re-exporting Russian fuels.