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Photo: Sovcomflot (illustrative photo)
Revenues of the Russian Federation from sea oil exports have increased
Monthly revenues of the Russian Federation from oil exports increased by 2% in February 2024 - this is the first increase in three months.
Russia's revenues from marine exports of crude oil in February increased by 12% (24 million euros per day), but the volume of its exports decreased by 3% compared to January. This is stated in the report of the Center for Research on Energy and Clean Air (CREA).
It is noted that monthly revenues of the Russian Federation from oil exports increased by 2% in February 2024 - this is the first increase in three months.
The increase in export revenues was related to the increase in Russian oil prices during the month, and not to the increase in the volume of its exports.
"The average price for Urals and East Siberia Pacific (ESPO) increased by 14% and 3%, respectively. Prices for both grades have now risen well above the established price cap, with Urals prices returning to the levels they were at for most of 2023,” the report said.
In February, 45% of Russian oil and oil products were reportedly transported by tankers subject to the oil price cap. The rest was transported by "shadow" tankers and was not subject to the price cap policy. Almost two-thirds of the Russian oil shipped in February was transported by "shadow" tankers, with 35% of the total transported by tankers owned or insured in countries that have imposed an upper limit on the price of oil.
