Russia is making its biggest profit from oil exports since the start of a full-scale war against Ukraine and is capitalising on the war in the Middle East by increasing oil supplies amid rising prices and easing sanctions, Bloomberg news agency writes.
Over the past three weeks, Russia’s average daily revenues from oil exports have doubled to $270 million, up from $135 million in January, according to the report.
The agency attributes such growth to the conflict in the Middle East and the closure of the Strait of Hormuz, as well as the easing of sanctions. On 13 March, the U.S. allowed supplies and sales of Russian crude oil and oil products loaded on ships before 12 March.
From 16 to 22 March, oil shipments averaged over four million barrels per day, about 100,000 barrels per day more than in the last three and a half months. The growth is due to the fact that tankers, which are loaded in Novorossiysk, began to take on board larger cargoes, the material says.
In addition, Bloomberg has learnt that Indian refineries have bought about 60 million barrels of crude from Russia for delivery in April after receiving relevant approvals from the US Treasury Department.
Among the buyers are Mangalore Refinery & Petrochemicals and Hindustan Mittal Energy, which have avoided direct deliveries since December due to the threat of sanctions. According to interlocutors, oil was purchased at a premium of $5 to $15 per barrel. The volume is comparable to the current month, but it is double that of February.
India expects US authorisations to remain in place as long as supply disruptions through the Strait of Hormuz persist. Meanwhile, refineries continue to diversify, including increased buying from Venezuela.
Oil shipments from Russia to India rose 27 per cent to 1.4 million bpd in March, according to analysts at S&P Global Commodities at Sea.
U.S. Treasury Secretary Scott Bessent said earlier that the easing of sanctions is designed to reduce Moscow’s oil revenues, not increase them, as opponents of the decision believe. According to his data, Russia will receive additional revenues, but no more than two billion dollars, which, as the minister said, “is equal to one day of Russia’s budget.”