Russian oil exports to India and China are falling – Bloomberg

Tanker shipments, which supply oil to Russia's two largest markets, have fallen by almost 30% in recent weeks from peak values ​​in the spring.

Russia began to lose its share in the oil markets of India and China. The Bloomberg agency recorded that tanker shipments supplying oil to Russia's two largest markets have fallen by almost 30% from peak values ​​in the spring in recent weeks.

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The agency notes that it is premature to draw far-reaching conclusions based on these data, but the trend towards a reduction in the consumption of Russian oil by the Asian market is emerging quite clearly. Bloomberg believes that Asia will not be able to fully replace Western markets for Russia, but it is still enough to make big profits against the background of record oil prices.

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According to the agency's estimates, Russia now receives about $160 million in revenues to the budget every week, which is almost 25% higher than before the start of the war. However, the current income figure has already fallen by 25% from the peak values ​​of the spring, when oil exports from Russia to Asia reached peak values. The agency estimates the current volume of oil tanker deliveries from Russia at 3.24 million barrels per day, since mid-June this figure has decreased by 467,000 barrels per day, or 13%.

The average volume of Russian oil deliveries to Over the past four weeks, China has been at 784,000 barrels per day, and India at 679,000. These figures may increase after tankers with about 350,000 barrels of oil reveal their final destination.

Currently, the share of India and China in the export of Russian oil fluctuates around 55-56% against 63% in April. The publication notes that even taking into account tankers that have not yet disclosed their destination, the volume of Russian oil supplies to Asia fell to a minimum in almost four months. of Russian energy carriers, the Asian market has become the main buyer of Russian oil and is a vital source of income for the country's budget. The reduction of revenues threatens the Russian authorities with serious problems, since the dependence of the budget on oil and gas revenues has jumped to 40% since the beginning of the war in Ukraine. Russia is forced to compete on Asian markets with its political allies – Iran and Venezuela, which through Russia have reduced their stakes in China and India.

Recall that the G7 countries are currently developing a mechanism for introducing ceiling prices for oil< /strong>. With the help of pressure on the insurance market, the countries plan to ban tanker transportation of Russian oil at prices higher than $40-60 per barrel. G7 representatives are negotiating with China and India, the largest buyers of Russian oil, to join this mechanism.

Based on materials: ZN.ua

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