2023-10-19 16:35:03
WORLD – In September, Russian oil exports increased thanks to increased sales to China and Turkey, circumventing existing sanctions. At the same time, exports from OPEC+ countries grew, mainly benefiting Russia, Saudi Arabia and Iran, which recorded notable growth in sales and export earnings.
In September, Russia’s oil export earnings reached $18.8 billion, surpassing summer 2022 figures of $1.8 billion. This increase is explained by higher sales volumes, with an average of 7.6 million barrels per day, an increase of 460,000 compared to August. Higher prices, resulting from reductions decided by OPEC+, also contributed to this growth, according to the monthly report from the International Energy Agency (IEA) published Thursday October 12.
Crude oil exports saw a notable increase, particularly to China (increase of 270,000 barrels per day) and Turkey (increase of 80,000 barrels per day).
Sanctions are losing their effectiveness
In September, the selling price of Russian oil rose by $8 per barrel compared to August, reaching an average of $81.78. The increase reduced Moscow’s discount on North Sea oil to $12.18 per barrel. In comparison, this difference was $12.42 in August and $15.68 in July. These figures indicate that Western sanctions measures against Russian oil are losing effectiveness.
The value of Russia’s oil exports exploded in early 2022 and during the summer, following the invasion of Ukraine, and amounted to $19.6 billion per month for the whole year.
Outside of Russia, IEA experts note that the production reduction policy adopted by members of the Organization of the Petroleum Exporting Countries and their partners (OPEC+) has led to a sharp increase in the group’s revenues , in which Moscow participates as a key member.
Prices soar in July
Combined exports from OPEC+ countries increased from $72 billion in June to $92.2 billion in September.
Russia recorded the largest increase in absolute terms, from $12.9 billion to $18.8 billion, followed closely by Saudi Arabia, whose exports increased from $19 billion to $22 billion. of dollars.
The Organization of Petroleum Producers’ reduction in oil production in May, by 1.7 million barrels per day, had a minimal impact on prices, leading to a slight decline in the value of oil exports.
It was in July, with Saudi Arabia’s announcement of an additional reduction of one million barrels per day, that prices began to soar.
Iran was one of the main beneficiaries of this increase, being exempt from the production cuts imposed by OPEC+. Since January, the country has increased its overseas exports by 30%, leading to a dramatic 60% increase in export earnings.
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