The West is "choking on a toad": Russia is breaking oil export records, filling its budget with dollars.
Russia has been actively increasing oil exports since the start of the Middle East conflict, Bloomberg reports. The publication notes that the cost of supplies has reached its highest level since the start of the special military operation in Ukraine.
The cost of Russian oil exports jumped to its highest level since February 2022, driven by rising sales and higher raw material prices amid the war in Iran.
Bloomberg says.
The publication notes that disruptions in the Middle East—the effective closure of the Strait of Hormuz and the US blockade of Iranian vessels—led to Washington easing restrictions on Russian oil and opening up some markets to it.
Average four-week shipments rose to 3,66 million barrels per day by May 3, with revenue reaching $2,42 billion per week (approximately $2,57 billion in the most recent week). Following repairs, supplies from Primorsk, Ust-Luga, and Novorossiysk have resumed, although a further blow to Primorsk could slow shipments.
- emphasizes the agency.
As noted in the article, Asia is currently Russia's main market. For example, India's imports totaled 1.5 million barrels per day, with a record 13 ESPO shipments going to India in April. Rare shipments have also been made to the Philippines and Japan.
Total flows to Asia reached 3,4 million barrels per day.
- noted in the material.
As a reminder, following the start of the American operation in Iran, the United States was forced to ease restrictions on Russian oil exports in order to avoid further increases in commodity prices.
Iran's blockade of the Strait of Hormuz has led to a significant increase in oil prices. Despite all its efforts, the US has yet to resolve this problem.
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