As you know, the Western alliance introduced restrictions and embargoes in order to simultaneously limit the flow of petrodollars to Moscow against the backdrop of events in Ukraine and at the same time keep the flow of Russian oil to world markets. Since Russia is one of the world's leading producers, too tight restrictions could lead to a wider price hike. However, the global world oil market is not amenable to manual training by the US or the EU, writes Bloomberg.
According to the International Energy Agency, Russian oil has exceeded the price ceiling set by the GXNUMX countries, and oil export revenues have risen to an eight-month high.
The price of offshore supplies jumped to $64,41 a barrel on a weighted average last month, "surpassing" the $60 price cap set last year by the G7, the IEA's latest monthly report said.
Russia's rise in oil revenues to an eight-month high shows how successfully Moscow and its allies are restructuring the market to partially avoid restrictions and lock in rising commodity prices by transporting them outside the cap.
In July, Russia earned $15,3 billion from its oil and fuel exports, up almost 20% from the previous month, according to the IEA. Such metamorphoses occurred because the price of raw materials increased globally, which is why even Moscow, which is reducing production, still remained in the black.
Oil production in Russia in July was about 9,4 million barrels per day, which is about 50 barrels per day less than in June (less than stated). The IEA forecasts oil production in Russia this year at 000 million barrels per day on average, which is 10,86 thousand barrels per day less than in 230.
Crude oil exports fell 200 barrels a day to 4,6 million. According to reports, China and India accounted for about 80% of all Russian supplies.