Page 154 - RusRPTApr23

Commodity giant Trafigura estimated [the shadow fleet] could total 600 ships, of which 400 are crude haulers. Privately, some shipowners put the figure slightly lower — between 10% and 12% of the global tanker fleet.” via Bloomberg
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= 2022 🟦
= 2021
Ruble devaluation is offsetting the oil sector's other problems. Russian oil companies are facing multiple challenges in the current environment, including rising costs of production, geopolitical uncertainties, and the ongoing COVID-19 pandemic. However, there is some relief for these companies as a slowly devaluing ruble has made their operations more profitable, particularly in the upstream sector, BCS GM said in a note on March 1. As of late February, the ruble had fallen to around 76/$, down from 70.2/$at the beginning of the month. This decline extends the ruble's general slide from mid-2022 levels when it traded as high as 51.45/$on 30 June. This recovery of the ruble was good for Russian consumers, but it presented certain difficulties for Russia's oil producers, which pay taxes and duties based on dollar prices but have operating costs largely set in rubles. Luckily, very high world oil prices in 2Q22 likely kept Russian oil profitability robust on a per-barrel basis, despite massive widening in the Urals-Brent discount, which has since been questioned as the Urals prices is increasingly seen as meaningless. Uncertainties surround the actual realized prices for crude and products, which are highly opaque. Additionally, IFRS reporting largely ceased, removing a model benchmark, BCS reports.
● Transport
Russia has increased its oil exports to India by a massive 2,200% since
154 RUSSIA Country Report Russia April 2023 www.intellinews.com