Russia's Revenue from Crude Oil Exports Decreased
Moscow offers significant discounts on crude export prices to buyers in Asia.
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Economic data showed that Russia's oil export revenues fell, despite the rise in its maritime exports to their highest level in six weeks.
And the Bloomberg news agency reported that the decline in revenues is due to the large reductions that Moscow offers in crude export prices to buyers in Asia, to encourage them to buy Russian oil, in light of European buyers staying away from Russian crude.
And the Bloomberg news agency reported that the total Russian crude shipments that were exported via offshore oil tankers during the week ending on the third of June this year rose to their highest levels since late April.
According to maritime traffic data, during the past week, 38 tankers left Russia's ports carrying 27.6 million barrels, equivalent to 3.26 million barrels per day, an increase of 10% over the previous week ending on May 27.
On June 2, the European Union agreed to impose sanctions on Russian oil imports, as part of a sixth sanctions package against Moscow, over its war against Ukraine.
It is noteworthy that the ban to be applied on Russian oil as of the fifth of next December includes only Russian oil exports to the European Union via tankers, and does not include crude that arrives through the Druzhba pipeline.
Germany and Poland had pledged to stop importing oil from Russia, even if the European Union as a whole did not agree to ban imports from Russia, which means that the purchase of Russian crude in the European Union will be limited to Hungary, Slovakia and the Czech Republic.
While the quantities of crude exported by Russia increased during the past week, Moscow's revenue from duties on these exports decreased by nine million dollars, or 5% from the previous week to 162 million dollars, and the decline in revenues reflects the decrease in fees imposed by Russia on these exports during current month.
The fees imposed on Russian crude exports this month decreased by 10% from last month to $44.38 per ton, equivalent to about $6.11 per barrel, compared to $49.60 per ton, equivalent to $6.81 per barrel, last May.
The fees for this month are also 27% lower than last April, which reflects the significant reductions that Russia offers on the prices of its oil exports to Asia, to maintain the attractiveness of crude in the market, in light of European and US sanctions against Russia.
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