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15 hours ago · Greatly increasing that number — the shadow fleet used to haul Russia’s oil is estimated at about 600 ships — and imposing real costs on using them would hit Moscow hard. If Indian, Chinese and Turkish refiners were persuaded to stop, or reduce, their imports of Russian crude hauled on shadow fleet ships, inevitably Moscow’s oil exports would fall.
- Is Russia Finding New Buyers: Tracking Outgoing Oil shipments
- Is Russia Finding Alternatives For European Tankers?
- Are Russian shipments Finding Buyers: Tracking Oil-on-Water
- Is The Price of Russian Oil Falling?
- Strengthening The Sanctions — Way Forward
- Methodology
A last-minute shopping spree for Russian oil by EU countries, led by Germany and Italy just before the crude oil price cap became effective, saw EU seaborne oil imports from Russia increase month-on-month for the first time since March 2022. Russia’s total export revenue from fossil fuels increased month-on-month for the first time since July, due ...
To circumvent the price cap, Russian exporters would need to tap a lot of additional tanker capacity that is not covered by the policy. The majority of vessels carrying Russian oil and oil products are owned and/or insured in the EU and G7 countries (67% and 71% in November, respectively – and 63% and 73% in January). The low share of ownership and...
A key indicator of whether Russian fossil fuel producers are having trouble finding buyers is an increase in the amount of “product on water”, amount of fuel loaded on ships at a given moment. When orders for Russian fuels fall, the producers are initially likely to keep loading new vessels, hoping that the product gets taken up later. This is faci...
The spot price for Urals crude oil fell to $60–65 per barrel in late November 2022, its lowest level since early 2021. The price reached as high as $97 in June. Measured in rubles, the metric that matters for Russian tax revenue, the price in late November was the lowest since the depth of the COVID-19 crisis in early 2020, due to the ruble’s high ...
The most important way to cut Russia’s export revenues further will be to drive down the oil price cap. The Russian government collects taxes on the difference between production and transportation costs of oil and the selling price, so lowering the price cap to a level that is close to the cost of production will deprive the government of the abil...
The data and graphs on this page are based on CREA’s Russian Energy Export Tracker, with the methodology documented here.
May 23, 2024 · According to the 2024 federal budget projections, Russian government is nevertheless forecasting 29.8-percent year-over-year growth in oil and gas revenues in 2024, despite not projecting a significant rise in oil prices. The draft budget projects average oil prices for 2024 at $71.30 per barrel.
Apr 4, 2024 · The United States and EU also implemented a series of sanctions on individuals and entities in the Russian energy sector, including the heads of major Russian energy companies. These sanctions included asset freezes and travel bans on sanctioned individuals. Additionally, the United States placed six major companies—Gazprom, Rosneft Oil ...
The price cap on Russian oil was agreed by the world's major economies at the same time. But energy analyst Ben McWilliams believes it is the EU oil embargo impacting the price, rather than the ...
Apr 4, 2024 · The Lukoil refinery is an example of wider problems in Russia's energy sector where some oil firms are struggling in the face of Western sanctions to repair their refineries, built with the help ...
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May 9, 2024 · Despite Western sanctions meant to curtail energy exports and squeeze its economy, experts say Russia is using its so-called shadow fleet of tankers to make as much as $1 billion a day selling oil ...
