Russia’s oil exports are back to pre-war levels

[webfact]

 

By Anna Cooban, CNN

CNN — Russia’s oil exports have bounced back to levels last seen before it invaded Ukraine, despite a barrage of Western sanctions.

 

Moscow’s exports of crude oil and oil products rose in March to their highest level since April 2020, jumping by 600,000 barrels a day, the International Energy Agency (IEA) said in its monthly oil report Friday. The rise lifted Russia’s estimated revenue from oil exports to $12.7 billion last month.

 

The revenue is still down 43% from a year ago, the IEA said, as Russia is forced to sell its barrels to a more limited pool of customers who can negotiate greater discounts.

 

Full story: https://edition.cnn.com/2023/04/14/energy/russia-oil-exports-iea-report/index.html

 

-- © Copyright CNN 2023-04-15

[300sd]

Sanctions never work. 

[placeholder]

14 minutes ago, 300sd said:

Sanctions never work. 

Did you actually read the article. Russia's volume has recovered because it it offering deep discounts on the price of its oil. Is that your idea of not working?

[Kwasaki]

16 minutes ago, 300sd said:

Sanctions never work. 

Agree,  they can increase production and sell it cheaper.

[placeholder]

2 minutes ago, Kwasaki said:

Agree,  they can increase production and sell it cheaper.

What is so hard to understand about the fact that they have to sell it at a steep discount. And Russian oil is one of the most expensive to produce. Onshore oil was estimated to cost $42 per barrel, offshore $44 per barrel.

 

[Kwasaki]

1 minute ago, placeholder said:

What is so hard to understand about the fact that they have to sell it at a steep discount. And Russian oil is one of the most expensive to produce. Onshore oil was estimated to cost $42 per barrel, offshore $44 per barrel.

 

Nothing to do with understanding and it doesn't matter given the situation Russia has put theirselves in they are still making money which is not good. 

[placeholder]

You agreed to 300sd's contention that "sanctions never work". Clearly they are working.

[ozimoron]

2 minutes ago, Kwasaki said:

Nothing to do with understanding and it doesn't matter given the situation Russia has put theirselves in they are still making money which is not good. 

It'll be less money soon. Oil is facing demand destruction due to renewables and an upcoming recession will see lower demand as well.

[Kwasaki]

19 minutes ago, ozimoron said:

It'll be less money soon. Oil is facing demand destruction due to renewables and an upcoming recession will see lower demand as well.

Well maybe in the west. 

Russian export levels up to pre-war levels is not good. 

[ozimoron]

1 minute ago, Kwasaki said:

Well maybe in the west. 

Russian export levels up to pre-war levels is not good. 

Sure not but it isn't really a big deal. Every country including the US still trades with Russia.

[Tug]

Perhaps (I’m trying to find a bright spot)the Saudis will reconsider their decision to cut production definitely not a good thing that the orks are selling more oil 

[ozimoron]

1 minute ago, Tug said:

Perhaps (I’m trying to find a bright spot)the Saudis will reconsider their decision to cut production definitely not a good thing that the orks are selling more oil 

The Saudis have become used to living high on the hog and are friendly with Russia and anyone sympathetic with Russia (did you see what I did there?). They can see that oil demand is weakening and are desperate to maintain oil prices. Oil prices didn't exactly moon after this announcement.

[Eric Loh]

12 minutes ago, Kwasaki said:

Well maybe in the west. 

Russian export levels up to pre-war levels is not good. 

What matters is revenue not production and export levels. Low discounted prices affect revenue.
 

Russia's federal budget revenues from oil and gas, the lifeblood of the country's economy, fell 43% year on year in March, while a quarterly profit-based tax was all that held revenues back from a monthly drop, the finance ministry said on Wednesday.

 

Moscow relies on energy revenue, last year around 11.6 trillion roubles ($146 billion), to fund government spending, and has been forced to sell foreign reserves to cover a deficit stretched by the cost of its military operation in Ukraine.

 

https://www.reuters.com/markets/commodities/russias-march-energy-income-drops-43-yy-quarterly-tax-supports-monthly-revenue-2023-04-05/

[driver52]

1 hour ago, placeholder said:

Did you actually read the article. Russia's volume has recovered because it it offering deep discounts on the price of its oil. Is that your idea of not working?

errrr yeah, it proves the 'unipolar world lovers' can't fix prices? OR do you have a different idea on so called 'open markets' and/or 'price fixing'???

[placeholder]

19 minutes ago, Kwasaki said:

Well maybe in the west. 

Russian export levels up to pre-war levels is not good. 

But the fact that they are making a lot less on that oil than they otherwise would, thanks to sanctions, is good, isn't it?

[driver52]

20 minutes ago, Kwasaki said:

Well maybe in the west. 

Russian export levels up to pre-war levels is not good. 

not good for who exactly???

[placeholder]

Just now, driver52 said:

errrr yeah, it proves the 'unipolar world lovers' can't fix prices? OR do you have a different idea on so called 'open markets' and/or 'price fixing'???

What's that got to do with the fact that Russia is getting less than it otherwise would for its oil?

Confused much?

[ozimoron]

1 minute ago, driver52 said:

not good for who exactly???

Cold comfort for Russia. They have to boost production to meet income requirements.

[driver52]

8 minutes ago, placeholder said:

What's that got to do with the fact that Russia is getting less than it otherwise would for its oil?

Confused much?

i'm not confused about the fact that the EU and the US trying to 'price fix' and 'sock it to Putin brah' has totally and utterly failed.....

how's about you brah, think you can go around the world telling other folks how to 'manipulate prices'??

Edited April 15, 2023 by driver52

[driver52]

5 minutes ago, ozimoron said:

Cold comfort for Russia. They have to boost production to meet income requirements.

income requirements for what exactly? have you seen the amount of debt Russia has compared to say the US and the EU.......it's non-existent.....

[driver52]

15 minutes ago, Eric Loh said:

Moscow relies on energy revenue, last year around 11.6 trillion roubles ($146 billion), to fund government spending

whereas the EU and the US economies rely on the printing press and monetizing debt in a graph that appears to be going parabolic, that's working well innit? ????

[ozimoron]

2 minutes ago, driver52 said:

income requirements for what exactly? have you seen the amount of debt Russia has compared to say the US and the EU.......it's non-existent.....

Which country with money would loan it to Russia?

 

 

[ozimoron]

1 minute ago, driver52 said:

whereas the EU and the US economies rely on the printing press and monetizing debt in a graph that appears to be going parabolic, that's working well innit? ????

Because Russia isn't printing money?

 

https://tradingeconomics.com/russia/money-supply-m2

Edited April 15, 2023 by ozimoron

[driver52]

Just now, ozimoron said:

Which country with money would loan it to Russia?

 

 

you don't need to borrow money when you can be 'mostly self-sufficient'.........I think you're falling for the western 'money is debt' narrative sir

[driver52]

Just now, ozimoron said:

Because Russia isn't printing money?

 

https://www.ceicdata.com/en/indicator/russia/money-supply-m2

so what, sure ALL governments print FIAT, but Russias is backed by gold now.......what's yours backed by? oh yeah, guns and the threat of nukes.....

[ozimoron]

1 minute ago, driver52 said:

you don't need to borrow money when you can be 'mostly self-sufficient'.........I think you're falling for the western 'money is debt' narrative sir

Self sufficient. They have stopped manufacturing stuff, especially high end like cars, planes, computers, etc.

 

Russia now depends entirely not only on the import of high-tech components for its defense sector, aviation, and automobile industries, as well as tele­com equipment, computers, smartphones and pharmaceuticals, but also the supply of uniforms for its troops, for example those that have been ordered recently from Turkey and North Korea. Russia’s recent path differs not only from that of China, but also those of Saudi Arabia, Qatar, and the United Arab Emirates who all opted for becoming diversified industrial and service economies deeply integrated into the global system. Russia was, and remains, a pure resource economy that the West might rely on, but is not dependent on.

 

https://ip-quarterly.com/en/russias-economic-self-destruction-and-its-conseuqences

[placeholder]

12 minutes ago, driver52 said:

i'm not confused about the fact that the EU and the US trying to 'price fix' and 'sock it to Putin brah' has totally and utterly failed.....

how's about you brah, think you can go around the world telling other folks how to 'manipulate prices'??

What don't you understand about the fact that Russia has to sell its oil at a steep discount because of the imposed price caps? Is that your idea of ineffective?

I don't think that OPEC and its allies need any lessons in how to manipulate oil prices.

[ozimoron]

3 minutes ago, driver52 said:

so what, sure ALL governments print FIAT, but Russias is backed by gold now.......what's yours backed by? oh yeah, guns and the threat of nukes.....

You just accused other countries of printing money so I blew up your argument for you and now you can only say "so what"? You're a ruzzian troll.

[Pouatchee]

1 hour ago, 300sd said:

Sanctions never work. 

 

1 hour ago, placeholder said:

Did you actually read the article. Russia's volume has recovered because it it offering deep discounts on the price of its oil. Is that your idea of not working?

I agree with 300. There still are buyers who don't give a hoot. Even if Russia has to dump its oil it needs people to buy it. I would like to know what the deep discount is. Sorry, I am a bit too lazy to look up the price. But even if the discount is around the 50-60$ a barrel that is still a nice income for those MOFOS.

 

 

[placeholder]

7 minutes ago, driver52 said:

so what, sure ALL governments print FIAT, but Russias is backed by gold now.......what's yours backed by? oh yeah, guns and the threat of nukes.....

This may come as a shock to you, but you can't exchange rubles for gold. So no, Russia's currency is not backed by gold. Stop making things up.

The dollar, the yuan, and the euro, among others are backed by strong economies. Not by the magical golden metal.

Edited April 15, 2023 by placeholder