Western sanctions: Russia’s oil revenues fall 42% in one year, China and India benefit greatly from discounts – 03/15/2023 15:41

These figures were revealed in the latest monthly report from the International Energy Agency.

Russia’s oil revenues fell 42% year-on-year in February under the influence of sanctions from the Group of Seven industrialized nations and the European Union, even if the country markets roughly the same volume or less, indicated on Wednesday, March 15 by the International Energy Agency.

“We appreciate that Russia submitted in February

11.6 billion dollars, compared to 14.3 billion in January, and about 20 billion dollars a year ago.

confirms its monthly report on oil.

But “a year after Russia invaded Ukraine, the country is still sending the same amount of oil to global markets. This shows that the G7 sanctions regime has not reduced global supplies of crude oil and petroleum products, while limiting Russia’s ability to generate exports. “.

Russian oil production in February was at roughly the same levels as before the conflict. Exports fell by 500,000 barrels/day to 7.5 million barrels (one million barrels/day). Over the past year, the 4.5 million bpd of Russian oil previously destined for the European Union, North America and other members of the Organization for Economic Co-operation and Development has found, by and large, other recipients.

China and India absorb 70% of Russia’s stocks

Now Russian oil largely goes to Asia, especially India, and to a lesser extent to China, which benefits from the discounts granted. Thus, in February, they accounted for approximately 40% and 20% respectively of the crude oil imported by India and China; Between them, the two countries absorbed more than 70% of the stocks exported by Moscow, according to the International Energy Agency.

For other petroleum products, apart from crude oil, Africa, Turkey and the Middle East are also the beneficiaries.