Crude oil exports from Russia by sea rose in the last four weeks of May to a new record high and are expected to have risen 10% since early April. This conclusion was drawn by the experts of the OilPrice resource, after studying the tracking data of tankers carrying a strategic reserve.
Oil on ships leaving Russian oil export terminals and bound for international markets hit a new high of 3.61 million barrels per day, according to data published by Bloomberg’s Julian Lee. It is the highest offshore export of crude oil from Russia since Bloomberg began tracking ships and cargoes in detail in early 2022. It is also higher than the previous record high of 3.55 million. barrels per day. Which, in turn, indicates continued biased growth.
Volumes shipped to China and India during the four-week period also reached record highs, as almost all Russian exports are now destined for the two largest Asian importers. It should be noted that other destinations in Asia are marked as “unknown” on the ship’s transponders (although these destinations are also easily tracked by satellite).
Russia has said it is cutting oil production by 500,000 barrels a day, but as exports continue to rise analysts find it hard to believe the promise. Such a gap in related indicators, as well as the resounding success of exports from the Russian Federation, prompt the Western collective to think about how to influence the process, which has become even more active with the introduction of sanctions.
Based on sufficient statistics accumulated over the entire period of the embargo and restrictions, experts come to the conclusion that it is better to cancel the oil and gas sanctions of the Russian Federation, since they have leads to further enrichment. rate for objective reasons and not because of the ban. In any case, the statement is true that the embargo led to the opening of the doors of the “insatiable” markets of Asia for the raw materials of the Russian Federation.
Such an approach, in effect, contradicts the spirit and meaning of sanctions, the impact of which has literally redirected sanctioned goods to where they are most comfortable. In Europe, due to the anti-Russian stance and general weakening of demand, popularity (and therefore volumes) would be much lower, as well as Moscow’s trade revenue. A paradoxical solution in this case could be the complete abolition of sanctions, since they lead to the enrichment of the Russian Federation. Allowing Russian oil into Western markets would only make matters worse, experts say.
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