As Russian giant Gazprom cuts gas supplies to Germany and Italy, oil is flowing in Russia. Russian production of black gold even increased by 5% in June, despite the sanctions and the pressure exerted by the West on Moscow.
Russian production reached 1,460,000 tonnes of oil per day in the first two weeks of June. That is about 68,000 tons more than in the whole month of May, recalls the Russian government press agency, Interfax, which gave these figures.
After a decline in the first weeks of the war in Ukraine, Russian oil production subsequently resumed. A sharp rebound fueled by the rise in demand from asiawhile it is falling in the West under the effect of sanctions.
China and India first customers
Russian oil exports, which are no longer made by pipeline, but by boat, jumped 9.5% in June, bolstering Moscow’s oil revenues. China and India are the first customers of this oil sold at reduced prices. Together, these two countries account for half of Russian oil shipments by sea. Part of this windfall would also be re-exported by India in the form of refined oil, including to the United States and Europe, says the latest report from CREA, an energy research center based in Finland. .
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