Page 91 - RusRPTApr23

Although India has stepped up its fossil fuel imports in the meantime, from $3 million daily on the day of the invasion to $81 million per day as of February 22nd of this year, this increase doesn’t come close to making up the $655 million hole left by EU nations’ reduction in imports.
Similarly, even if African nations have doubled their Russian fuel imports since December of last year, Russian seaborne oil product exports have still declined by 21% overall since January according to S&P Global.
Overall, from their peak on March 24th of around $1.17 billion in daily revenue, Russian fossil fuel revenues have declined by more than 50% to just $560 million daily.
Along with the EU’s reductions in purchases, a key contributing factor has been the decline in Russian crude oil’s price, which has also declined by nearly 50% since the invasion, from $99 a barrel to $50 a barrel today.
Oil production without gas condensate in Russia was at the level of 9.8mn barrels daily in each of January and February 2023, the Organization of Petroleum Exporting Countries (OPEC) said in its March report.
Russia boosted liquid hydrocarbons production by 36,000 barrels daily to 11.2mn barrels per day in January, OPEC said. In 2023, the indicator is expected to drop by 0.7mn barrels daily to 10.1mn barrels a day. The forecast for oil production in Russia is characterised by a high degree of uncertainty, the Organization said.
91 RUSSIA Country Report Russia April 2023 www.intellinews.com