The Russian oil exports increased despite the ambiguity about imposing a limit on its prices
Shipments of Russian crude oil continued to flow to foreign markets, despite the approaching date of the European Union’s application of the ceiling on Russian crude prices within the framework of Western sanctions against Moscow for its invasion of Ukraine.
At the same time, the European Union countries are still divided over the price ceiling that will be imposed on Russian oil exports, as of December 5.
On the other hand, a sharp decline in Russian oil exports is expected due to Russia preparing a law prohibiting the export of crude to countries that participate in applying the Western price ceiling, which could reduce oil shipments carried in oil tankers to Bulgaria and may reduce the quantities that are exported to Hungary and Slovakia.
The Czech Republic through pipelines, which are exempt from the European ban on importing Russian oil.
Bloomberg News Agency stated that the total Russian oil exports rose during the week ending on November 25 to about 2.89 million barrels per day, while the average exports continued to decline during the past four weeks to about 3 million barrels per day.
The average Russian government revenues from crude oil export duties fell during the past four weeks to their lowest levels this year.
The quantities destined for China, India and Türkiye, the three countries that have become the largest importers of Russian oil since the application of Western sanctions against Moscow, have also increased, in addition to the quantities that were released from Russian ports without a clear final destination during the past four weeks, to 2.5 million barrels per day.
These quantities are equivalent to about three and a half times the average exports to the three countries during the four weeks immediately preceding the start of the Russian invasion of Ukraine in late February.
