Russia's oil export fell by $4 billion in 2022 compared to 2023

Per The New York Times

Russia's oil export reportedly dropped by $4 billion in 2022, down to $12.6 billion. The country has decided to redirect its oil exports to the Asian market as it faces penalties from the West.

Oil revenues in Russia reportedly fell 40% due to sanctions year-on-year in January. Carnegie Endowment for International Peace's non-resident fellow Sergey Vakulenko gave a statement regarding how the oil prices affected Russia, per Reuters.

Vakulenko: "Low official oil price meant that the Russian state budget has suffered in recent weeks,"

Russia is experiencing another round of sanctions, this time coming from the European Union and its embargo on diesel, gasoline, and other refined oil products coming from Russia.

A former State Department sanctions official, Edward Fishman, shares how the effects of the sanctions could be permanent. Since Russia's war started, the country has been making a significant inflow from its oil.

Fishman: “Now that these sanctions are in place on Russia’s oil sector, I think you have got to assume they are a permanent fixture of the market.”

Recently, the International Monetary Fund said that oil price limits would not likely affect Russian oil exporter volumes. The current cap on the oil price is $60 per barrel.

The Fund also noted that the Russian economy is expected to grow by 0.3% in 2023 after growing by 2.2% the year before. To deal with the situation, Russia started to focus its efforts on redirecting crude exports to other countries.

The redirecting efforts were towards India, China, and Turkey. Vakulenko also noted that despite what was happing, Russia was still a force to be reckoned with in the global energy market.

Vakulenko: “Russia remains a formidable force on the global energy market... Opposing such a major player is not easy at all, and won’t happen in a day.”

In July 2022, Russia officially defaulted on foreign debt for the first time since 1918. It officially shut off gas to the EU in September via its Nord Stream 1 pipeline.

See flow at unusualwhales.com/flow.

Other News:

Resources:

The New York Times

Reuters

tastytrade logo+
Get the best broker for options trading and earn Unusual Whales discounted! in cash with an eligible account deposit at tastytrade. Get an Unusual Whales bonus when you deposit $2000. Offer expires 3/31/25. Certain restrictions, terms and conditions apply.
Unusual Whales does not confirm the information's truthfulness or accuracy of the associated references, data, and cannot verify any of the information. Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Options, investing, trading is risky, and losses are more expected than profits. Please do own research before investing. Please only subscribe after reading our full terms and understanding options and the market, and the inherent risks of trading. It is highly recommended not to trade on this, or any, information from Unusual Whales. Markets are risky, and you will likely lose some or all of your capital. Please check our terms for full details.
Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Certain investment planning tools available on Unusual Whales may provide general investment education based on your input. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. See terms for more information.