• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 58 mins Is Europe heading for winter of discontent with extensive gas shortages?
  • 3 hours "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 5 days Wind droughts
  • 2 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 8 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 8 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 22 hours Xi Is Set To Be Re-Elected As China’s Leader
  • 6 days Oil Prices Fall After Fed Raises Rates
  • 8 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 11 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 14 days The Federal Reserve and Money...Aspects which are not widely known

Russian Oil Exports Have Stabilized, Revenues Steady

Russia’s oil exports appear to have stabilized, based on Bloomberg data released Monday showing a steady level of 500,000 barrels per day below the peak reached prior to the February invasion of Ukraine. 

Russian seaborne crude exports reached 3.5 million bpd in the week to July 29th, according to Bloomberg, while the four-week average shows about 3.2 million bdp–a figure that suggests stabilization. 

More specifically, while Bloomberg reported last week that there were indications Chinese and Indian buyers were slightly letting up on Russian oil purchases, Russia’s crude flows to Asia remain stable post-invasion. In April and May, we saw Russian oil flows to Asia soar to 2.1 million bpd, but July numbers show this leveling off now at 1.75 million bpd. 

The end result is that Moscow continues to collect sizable oil revenues for its war coffers, with rising crude oil prices upping the ante and filling in gaps for any shortfall in outflows. 

Bloomberg's new Russia oil outflow data comes as the G7 attempts to move forward with its plan to place a price cap on Russian oil, with the potential for this to be put in place by December 5th when the European Union’s ban on seaborne crude imports from Russia goes into effect. 

The oil price cap is designed to reduce Russia’s revenues and thereby reduce the value of its war chest. The price cap scheme would require support from India and China in order to be truly effective. It would also require compliance from Moscow, which is not likely to be forthcoming. 

Moscow has already said it would not comply and would not sell to any countries agreeing to a price cap, and China, which has refused to condemn Russia’s invasion of Ukraine, is not likely to agree to the West’s plans.   

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • George Doolittle on August 01 2022 said:
    "The US Navy goes all out Yellow Peril!" sad but true.

    Meanwhile in Guyana and upon no less than Wall Street itself..

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News