A report from the Centre for Research on Energy and Clean Air suggests that a loophole in the G7 price cap is undermining sanctions on Russian oil.
President Vladimir Putin said Russia would see higher oil and gas revenues by the end of the second quarter and that “positive trends” across the economy were gathering pace due to rising global oil prices.
Russia’s crude oil exports by sea plunged last week, the most since December 2022, to below 3 million barrels per day (bpd), the lowest level in eight weeks, tanker-tracking data compiled by Bloomberg showed on Tuesday.
The European Union’s embargo on Russian oil products, which went into effect on February 5, has resulted in the diversion of Russian diesel not only to Asia, Africa and the Middle East, but also increasingly to Latin America.
Russia has reduced its crude oil production by 700,000 bpd in March, a person familiar with Russian Energy Ministry figures told Bloomberg.
Russia’s largest oil firm, state-controlled Rosneft, signed on Wednesday a term agreement with Indian Oil Corporation to raise the supply of Russian crude to India significantly.
Russia has succeeded in redirecting its crude oil and fuel exports after the EU embargoes and the price cap set by the West, Russian Energy Minister Nikolai Shulginov said on Tuesday.
The European Union is considering allowing individual member states to block LNG imports from Russia without slapping sanctions on Russian gas, a draft document seen by Bloomberg News showed on Tuesday ahead of a meeting of the EU energy ministers.
Russia’s crude oil exports by sea have held above the 3 million barrels per day (bpd) mark in the past six weeks, after the EU ban on fuel imports from Russia took effect and after Moscow said it would lower its production by 500,000 bpd, tanker-tracking data compiled by Bloomberg shows.
Historically, giant commodity traders such as Switzerland’s Vitol, Glencore, and Gunvor as well as Singapore’s Trafigura have dominated the global oil trade while smaller trading desks that lack the wherewithal and deep infrastructure networks of the giants usually feed on crumbs.