International Energy Agency (IEA) »
Russian oil export revenues surged by US$1.8 billion to US$17.1 billion in August, as higher prices more than offset lower shipments. Led by a decline in product shipments, total Russian oil exports eased by 150 kb/d last month, to 7.2 mb/d, 570 kb/d below a year-ago.
Shipments to China and India slumped to 3.9 mb/d from 4.7 mb/d in April and May but accounted for more than half the total volumes.
Who is financing the Russian invasion of Ukraine?
Russia is one of the world’s top three crude oil producers, vying for the top spot with Saudi Arabia and the United States. Russia relies heavily on revenues from oil and natural gas, which in 2021 made up 45% of Russia’s federal budget.
Russia was the world’s largest fossil fuels exporter in 2021.
Meanwhile, energy demand in India (and China) is growing rapidly with major implications for the global energy market and world security.
- Reuters » India’s Russian oil buying scales new highs in May
- The Hindu Business Line » Russian crude accounted for 40% of India’s oil imports in February