Russia’s budget was $24.7 billion (1.76 trillion rubles) into deficit in January
Before the invasion of Ukraine, India was a small marginal buyer of Russian crude oil
On Sunday, the European Union enacted its latest embargo against Russia, banning the import of the country’s diesel fuel and other oil products amid their ongoing invasion of Ukraine.
Western sanctions over Russia’s invasion of Ukraine, including the looming Feb. 5 embargo and price cap on refined products, have been pushing Russian fuel oil barrels eastward into Asia at attractive discounts since last year
Russia’s oil production and exports have shown remarkable resilience in 2022, but 2023 may be a different story, according to Antoine Halff, the co-founder and chief analyst at Kayrros.
The year 2022 was a tough one for the growing number of people living in food insecurity and energy poverty around the world, and the beginning of 2023 is looking bleak
On December 29, 2022, Kazakhstani state-owned oil and gas company KazMunaiGaz announced plans to export oil to Germany starting in January 2023. Arrangements were made to export a total of 1.2 million tons of oil through the Druzhba pipeline via Russia and Ukraine (Informburo.kz, December 29, 2022).
Russia has announced a major cut in the oil export levy in January following the introduction of a price cap on its crude oil by G7 countries and Australia.
Russia was shipping more than 3 million barrels per day (bpd) of crude oil to Asia in the week to December 9, the week in which the EU embargo on imports of Russian crude by sea came into force, vessel-tracking data monitored by Bloomberg showed on Monday.
Oil prices rose as much as more than 1% on Monday as a key pipeline supplying the United States remained shut while Russian President Vladimir Putin threatened to cut production in retaliation for a Western price cap on its exports.