Russia began spending on the income of China and India
Russia began to lose its share in the oil markets of India and China. Bloomberg Agency fixedthat tanker shipments, which supply oil to two important Russian markets, have fallen by almost 30% in recent weeks from their spring peaks. The publication uses the method “moving average”forecast forecast, clearing it of one-time fluctuations.
The Trade Agency, which is making a far-reaching exemption based on these imports, however, the trend towards Asian market consumption of Russian oil is looming fast enough. Bloomberg believes that Asia will not be able to get this for Russia in Western markets, but so far enough to get super profits against the backdrop of record oil prices.
According to the agency, Russia currently receives approximately $160 million in budgetary revenue per week, which is almost 25% higher than before the start of the war. However, the current revenue figure has already fallen by 25% from peaks in the spring, when oil exports from Russia to Asia peaked. Bloomberg estimates the current volume of tanker oil reserves in Russia at 3.24 million barrels per day, given that this figure is measured at 467,000 barrels per day, or 13%.
The average volume of forecast oil in China for the last four weeks of the forecast is 784 barrels per day, in India – 679 thousand. Thus, these figures increase to about 350,000 barrels of oil, which will reveal their final destination. Now the share of India and China in oil exports to Russia fluctuates around 55-56% against 63% in the past. The edition of the economy, which even with the tanks that have not yet revealed their destination, the volume of oil supply in Asia fell to a low in almost four months.
At the same time, there is a slight recovery in demand, according to the agency from European buyers. Combined supplies to the Netherlands, Poland and Finland have long exceeded 450,000 barrels per day, while supplies to Turkey have increased while supplies to Bulgaria, Romania and Italy have declined.
The Asian market has become the main buyer of Russian oil and is an important source of state budget revenues. Reducing revenue from large export earnings jumped up to 40%. Russia is forced to compete in Asian territories with its many allies – Iran and Venezuela, which, because of Russia, guard their valleys in China and India.
The G7 pages are currently working on a mechanism for setting marginal oil prices. With the help of pressure on the insurance market, countries plan to ban tanker transportation of Russian oil at prices above $40-60 per barrel. Representatives of the G7 note that buyers of Russian oil – China and India – have joined this mechanism.