Page 142 - RusRPTMar23

Russia increased oil exports from Black Sea ports to the EU by 25%. The export of crude oil to the EU countries from Russian ports in the Black Sea in January 2023 showed an increase compared to the previous month by 25% - up to 1.27 million tons, despite the oil embargo that came into force on December 5, according to a study by the Institute of Black Sea Strategic Studies and BlackSeaNews. Russian oil was transported to four EU countries: Greece imported 961,100 tons (75% of the total volume), Spain imported 159,100 tons, the Netherlands 103,600 tons, and Slovenia 50,300 tons. To Slovenia, the Netherlands, and Spain, tankers with Russian crude oil arrived directly at the ports, to Greece - at anchorages in the territorial sea.
The OPEC+ Joint Ministerial Monitoring Committee (JMMC) confirmed oil production agreements reached at the meeting in January and made no recommendation on a change in the OPEC+ policy, OPEC said in the final communique posted on its website on February 1. "The Committee reviewed the crude oil production data for the months of November and December 2022 and noted the overall conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC)," OPEC informed. The next meeting of the Monitoring Committee will be held on April 3. The ministerial meeting of the OPEC+ is scheduled for June 4.
Indian refiners have begun paying for most of their Russian oil purchased via Dubai-based traders in United Arab Emirates dirhams instead of US dollars, Reuters reported on February 3. While Western sanctions against Moscow are not recognised by India, and purchases of Russian oil may in any case not violate them, banks and financial institutions are cautious about clearing payments so as not to unwittingly fall foul of the many measures imposed against Russia following its invasion of Ukraine.
142 RUSSIA Country Report March 2023 www.intellinews.com