https://sputnikglobe.com/20230517/wests-price-ceiling-caves-in-russian-oil-exports-hit-post-february-2022-high-1110419698.html
West's Price Ceiling Caves in: Russian Oil Exports Hit Post-February 2022 High
West's Price Ceiling Caves in: Russian Oil Exports Hit Post-February 2022 High
Sputnik International
Russia thwarted Western attempts to exhaust it economically, turning to Asian markets and ignoring the price cap. China and India a close business partners of Moscow, willing to buy its hydrocarbons.
2023-05-17T15:22+0000
2023-05-17T15:22+0000
2023-05-17T15:22+0000
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According to the IEA, Russia remains one of the top countries in the OPEC+ framework with daily crude output holding at 9.6 million barrels in April, second only to Saudi Arabia. That said, exports hit a post-February 2022 high, peaking at 8.3 million barrels per day in April. In the meantime, Russian hydrocarbon revenues have grown steadily, reaching $15 billion in April compared to $13.3 billion in March. As the IEA's experts put it, "Russia seems to have few problems finding willing buyers for its crude and oil products." Kremlin officials consistently warn that Russia won't act against the best interests of its citizens, and therefore refuse to do business with hostile countries, while redirecting hydrocarbon exports to Asia instead.
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russia, oil price cap, ukrainian crisis, pivot to asia
russia, oil price cap, ukrainian crisis, pivot to asia
West's Price Ceiling Caves in: Russian Oil Exports Hit Post-February 2022 High
When the US-led West levied a price cap on Russian oil, they were hoping to limit hydrocarbon exports, in a bid to deprive Moscow of proceeds to fuel its special military operation aimed at protecting Donbass from Kiev's aggression. However, as a new report by the International Energy Agency shows, these assumptions were completely false.
According to the IEA, Russia remains one of the top countries in the OPEC+ framework with daily crude output holding at 9.6 million barrels in April, second only to Saudi Arabia. That said, exports hit a post-February 2022 high, peaking at 8.3 million barrels per day in April. In the meantime, Russian hydrocarbon revenues have grown steadily, reaching $15 billion in April compared to $13.3 billion in March.
As the IEA's experts put it, "Russia seems to have few problems finding willing buyers for its crude and oil products." Kremlin officials consistently warn that Russia won't act against the best interests of its citizens, and therefore refuse to do business with hostile countries, while redirecting hydrocarbon exports to Asia instead.
