From February to April 2023, Russia’s oil revenues increased by 14%, which means that the price cap imposed by the West is not working and should be halved, said the Finnish Center for Oil Research. energy and clean air (CREA) in a report. . However, noted NEWS.ru, citing data from the Russian Ministry of Finance, in reality, oil and gas revenues are falling, including due to discounts for buyers.
The CREA report indicates that in February-April, Russia’s oil revenue growth was the highest since November 2022. Finnish experts explained this by the fact that supplies were successfully redirected to alternative markets – the Middle East and Asia.
In addition, the report’s authors noted that in 2023, Russia was able to export Ural oil (the main type of crude oil produced in the country) at prices above the ceiling set by the West. “The EU has not even been able to fulfill the obligation to review the restrictions every two months, ensuring that Russian oil prices are kept below the market,” experts said. CREA.
In conclusion, they suggested that the G7 countries halve (to $30 per barrel) the ceiling price, and then Russian income from oil exports, according to the calculations of the center’s specialists, be reduced by 37%.
Russia’s Finance Ministry, meanwhile, reported a 50% drop in the country’s oil and gas revenues from January to May 2023 compared to the same period last year – and a $3.4 trillion budget deficit. rubles for the first quarter (although it was not expected to exceed 2.9 trillion rubles for the whole year).
Recall that in 2022 Moscow classified data on oil exports, and from March 2023 it suspended the publication of data on oil and condensate production. In March 2023 Bloomberg writing that the volume of oil exports from Russia did not change and exceeded 3 million barrels per day, despite the decision to cut production.
At the end of April, the agency, referring to data on supplies and the workload of oil refineries (refineries), reported that Russia is increasing its crude oil exports and that the processing of this raw material exceeds 2022 levels. Experts polled by Bloomberg attributed this to strong demand from China, India and Turkey.
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