Russia's total exports of oil and petroleum products in February 2023 fell to 7.5 million barrels per day - IEA
According to the International Energy Agency (IEA), Russia's total exports of oil and petroleum products in February 2023 fell to 7.5 million barrels per day (bpd), from an average amount of 7.7 million bpd in 2022 (7.5 million bpd in 2021), Reuters reported. Russia's revenues from oil and oil product exports decreased in February to $11.6 billion from monthly averages of $18.7 and $14.9 billion in 2022 and 2021, respectively, the IEA estimated.
Below are the sanctions so far imposed, their impact and Russia's response:
- The G7, the European Union and Australia stopped buying all Russian crude oil delivered by sea - or 2/3 of all EU imports of Russian crude - from Dec. 5.
- The G7, EU and Australia also agreed to ban the use of Western-supplied maritime insurance, finance and brokering for seaborne Russian oil priced above $60 per barrel from Dec. 5.
Russian President Vladimir Putin signed a decree banning the supply of crude oil and oil products from Feb. 1 to nations that abide by the cap.
The Russian government banned domestic oil exporters and customs bodies from adhering to Western-imposed price caps on Russian crude.
Russia's oil and gas condensate production reached pre-sanctions levels - around 1.508 million tonnes per day - for the first time in February, Kommersant reported.
Russian Deputy Prime Minister Alexander Novak said in early February that the situation with oil output and exports in the country is stable, despite Western price caps and sanctions.
Russian oil producers have had no difficulties in securing export deals despite Western sanctions and price caps, Novak said.
Russia's crude oil loadings from its Baltic ports of Primorsk and Ust-Luga and the Black Sea port of Novorossiisk were some 10% below the target for February.
Russia plans to cut oil exports and transit from its western ports in March by 10% on daily basis from February, according to market sources and Reuters calculations.
