Russia's October revenue from liquefied gas and crude oil exports was the second-largest in 2023. Deliveries by sea and pipelines have increased significantly.
This is stated in a report by the independent organization Center for Research on Energy and Clean Air (CREA).
Thus, compared to September, Russia’s monthly export revenue from oil in October decreased by 16 million euros per day. At the same time, oil supplies by sea and pipelines, on the contrary, increased by 7 million euros per day (+3%) and 5 million euros per day (+4%), respectively.
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An increase in monthly revenue from the sale of liquefied gas by 10% (4 million per day) is explained by an increase in exports to Asia (8%) and Europe (27%). China has become the largest importer of Russian fossil fuels, followed by India, Turkey, EU countries and Singapore.
Revenue from Russian oil exports to China increased by 4% over the month. Exports to India increased by 17% – by approximately 500 million euros.
In October, 48% of Russian oil and oil products were transported by tankers subject to the oil price cap policy. The rest (52%) was transported by so-called shadow tankers, which are not subject to the price cap policy.
Setting the maximum oil price at $30 per barrel could lead to a reduction in Russian revenues by 52% (7.82 billion euros) in October alone.
If this limit had been set since the introduction of sanctions against Russian oil in December 2022, then Russia's oil export revenues would have been almost halved – by 59 billion euros (-49%). That would force Russia to produce more oil to compensate for falling prices, the report says.
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During the week from November 13 to 19, 2023, Russia exported fossil fuels worth 5.02 billion euros: 2.2 billion euros of oil, 1.17 billion euros of oil products, 1.26 billion euros of gas and 0.37 billion euros of coal .
It was previously reported that three oil tankers, which were recently blocked by the United States and subject to sanctions, regularly delivered Russian Sokol oil to India.
