Russia Exporting More Oil Than Before War’…India, China Snapping Up Tankers Of Oil At Large Discounts
Meanwhile western countries are getting pummeled by inflation, shaky supply chains, economic pain.
German energy site Blackout News here reports that Russia’s oil exports remain unfazed despite the embargos by western countries.
“In the second month of the war on Ukraine, Russia exported more oil than a year earlier, despite the oil embargo, notes Blackout News. “According to the report, Russian oil is going to Asia in tankers. Although Russia is giving a hefty discount, given the drastic increase in prices, revenues have barely dropped from last year.”
So who is snapping up the oil? India, the world’s third-largest oil importer – all thanks to ” heavy discounts of up to $40 per barrel”. Still, Russia is making enough cash to keep the state afloat.
7 million barrels exported DAILY
To give some scale of the huge volume of oil Russia produces. Blackout News adds:
“In 2021, Russia produced about 10.5 million barrels of crude oil and oil products daily. Of that, 7 million barrels a day went into exports. This is roughly equivalent to 13 percent of the world’s oil trade. Of this, 2.7 million barrels of oil and 1.5 million barrels of oil products went to Europe before the war. This represents more than half of Russia’s exports. Much of this was transported by pipeline and rail.”
Blackout News also writes that though Chinese state-owned companies are “holding back” on doing oil deals with Russia, “private Chinese oil companies are already buying up large quantities of Russian oil at deep discounts, according to a report in the Financial Times.”