Russia’s oil export revenues exceed pre-war levels - Bloomberg
Russia’s net oil revenues reached $11.3bn in October, which is 31% of the country’s total budget for the month.
This is stated in a Bloomberg publication, Censor.NET reports.
Russia's oil revenues for October 2023 are the highest since May 2022. It exceeds the results of any month during the year before the invasion of Ukraine.
After the price cap of $60 per barrel was imposed on Russian marine oil, the business of traders and shipping companies began to boom, and they are hard to track.
"The shadow fleet and alternatives to Western marine insurance are not new. Iran has been using them for years. And when a major producer like Russia started using them, they became massive," said Eddie Fishman, a senior fellow at Columbia University's Centre for Global Energy Policy.
About 45% of Russian oil was transported through this shadow fleet in 2023. Domestic and shadowy fleet owners together transported more than 70% of Russian oil in the first nine months of 2023, allowing Moscow to maintain control over exports and gradually raise prices, the article says.
According to Indian customs data, this year Russian oil cost an average of $72 per barrel by the time it reached India. This is $12 higher than the prices quoted at the export point in Russia.
Given that Russia has exported roughly 3.5 million barrels of oil per day this year, this means that about $11 billion goes to what could be called supply distribution, almost all of which goes through anonymous traders or unknown transport companies.
