Russia posts record oil earnings since beginning of war in Ukraine - Bloomberg
Photo: Russian oil tanker (Getty Images)
Russia is increasing its earnings from maritime oil exports. As of October 25, the aggressor state received a record $2.76 billion - the highest amount since the start of the full-scale invasion of Ukraine, according to Bloomberg.
Russia’s oil revenue
Bloomberg cites vessel tracking data and calculations based on oil prices.
Over the week, Russia’s revenue increased by approximately $430 million. Prices for Urals crude rose, which compensated for:
- An increase in supply volumes;
- The rising cost of ESPO crude, which has been increasing for eight consecutive weeks.
Bloomberg reports that during the week, 37 tankers loaded 26.93 million barrels of Russian crude oil. A week earlier, 31 tankers transported 21.87 million barrels.
At the same time, in the four weeks leading up to October 25, the average volume of Russian maritime oil exports decreased to 3.55 million barrels per day.
Who is buying
China and India continue to be the largest buyers of Russian oil in the world.
However, the final destinations of some cargoes are not always known at the beginning of the voyage.
What contributed to this
On October 9, US President Donald Trump announced a diesel deal with Russian leader Vladimir Putin. This has once again returned Russian energy resources to the global market.
Trump then explained the necessity of the agreement with the aggressor state by claiming it would help quickly lower diesel prices in the US and worldwide.
Three tankers carrying Russian diesel were heading to the US. One of them is under international sanctions.
Furthermore, Democrats are laying the groundwork for an investigation into the diesel deal between the US and Russia. Bank and port authorities have received letters with demands.
