Russian oil exports collapses with the implementing of the G7 sanctions

Russian oil exports declined during the first full week since the entry into force of Western sanctions on the Russian oil sector, with the aim of reducing Moscow’s revenues in response to its invasion of Ukraine.

Part of the decline in exports came as a result of maintenance work in one of the Russian ports on the Baltic Sea, which has now ended, but there seems to be a shortage of shipping companies ready to transport large quantities of Russian oil to Asian markets in light of the sanctions approved by the Group of Seven major industrialized countries to put Russian crude price ceiling at $60 per barrel.

During the week ending on December 16, Russian oil exports declined by 1.86 million barrels per day, equivalent to 54% of total exports, to 1.6 million barrels per day.

Average exports fell over the past four weeks to their lowest levels this year, according to Bloomberg News.

The data published by the European Statistical Office (Eurostat) showed that 18 EU member states achieved the voluntary savings target to reduce gas consumption by 15%.

At least, which was determined after Russia severely cut fuel exports to the bloc.

According to Eurostat, consumption decreased in the period from August to November more in Finland (52.7%), Latvia (43.2%) and Lithuania (41.6%), compared to the average the same period of the previous five years.

Germany achieved the savings goal by reducing its consumption by about 25%.

According to Eurostat, six countries managed to reduce their consumption by less than the required percentage of 15%.

While consumption increased in Malta (7.1%) and Slovakia (2.6%).

Overall, gas consumption across the European Union has decreased on average by 20.1%.