During December, Russia exported about 2.5 million barrels of oil.
Against the background of the introduction of the price ceiling for Russian oil by Western countries, its export by sea decreased significantly. Thus, in December, Russia exported almost a quarter less oil compared to the average indicators for 2022.
According to The Wall Street Journal, during December 2022, the Russian Federation exported about 2.5 million barrels of oil daily. This indicator is 22% lower than the average value for the previous 11 months of the year.
A small number of countries continue to buy Russian oil. Among them are India, Turkey, China and Bulgaria.
The publication writes that the reason for this is the introduction of a ceiling price for oil. In addition, the drop in Russian oil exports is “probably caused by severe weather conditions and a decrease in demand in China against the background of insufficiently decisive lifting of restrictions” that the country introduced during the coronavirus pandemic.
Sanctions against the Russian Federation: oil exports
On December 3, 2022, the EU Council decided to set the ceiling price for oil exported from Russia at USD 60 per barrel. This restriction came into effect on December 5.
The authorities of the Russian Federation invented sanctions in response to the maximum price of oil from the Russian Federation imposed by the West. On Tuesday, December 27, Russian President Vladimir Putin signed a decree on the application of special economic measures in the fuel and energy sector.
In addition, Russia may reduce oil production by 500,000-700,000 barrels per day in response to G7 restrictions on Russian oil export prices. According to the Deputy Prime Minister of the Russian Federation Oleksandr Novak, the aggressor country intends to reduce oil production as early as 2023.
