top of page
Search
  • snitzoid

Is Putin selling more or less oil/gas? In a few charts.

Bottom line: He's shifted exports to China and India. While the global volume of energy Russia exports is down about 15%, the price of this oil/natural gas has almost doubled.


By Niccolo Conte, Visual Capitalist



The Largest Importers of Russian Fossil Fuels Since the War

Despite looming sanctions and import bans, Russia exported $97.7 billion worth of fossil fuels in the first 100 days since its invasion of Ukraine, at an average of $977 million per day.


So, which fossil fuels are being exported by Russia, and who is importing these fuels?


The above infographic tracks the biggest importers of Russia’s fossil fuel exports during the first 100 days of the war based on data from the Centre for Research on Energy and Clean Air (CREA).


In Demand: Russia’s Black Gold

The global energy market has seen several cyclical shocks over the last few years.


The gradual decline in upstream oil and gas investment followed by pandemic-induced production cuts led to a drop in supply, while people consumed more energy as economies reopened and winters got colder. Consequently, fossil fuel demand was rising even before Russia’s invasion of Ukraine, which exacerbated the market shock.


Russia is the third-largest producer and second-largest exporter of crude oil. In the 100 days since the invasion, oil was by far Russia’s most valuable fossil fuel export, accounting for $48 billion or roughly half of the total export revenue.




While Russian crude oil is shipped on tankers, a network of pipelines transports Russian gas to Europe. In fact, Russia accounts for 41% of all natural gas imports to the EU, and some countries are almost exclusively dependent on Russian gas. Of the $25 billion exported in pipeline gas, 85% went to the EU.


The Top Importers of Russian Fossil Fuels

The EU bloc accounted for 61% of Russia’s fossil fuel export revenue during the 100-day period.


Germany, Italy, and the Netherlands—members of both the EU and NATO—were among the largest importers, with only China surpassing them.




China overtook Germany as the largest importer, importing nearly 2 million barrels of discounted Russian oil per day in May—up 55% relative to a year ago. Similarly, Russia surpassed Saudi Arabia as China’s largest oil supplier.


The biggest increase in imports came from India, buying 18% of all Russian oil exports during the 100-day period. A significant amount of the oil that goes to India is re-exported as refined products to the U.S. and Europe, which are trying to become independent of Russian imports.


Reducing Reliance on Russia

In response to the invasion of Ukraine, several countries have taken strict action against Russia through sanctions on exports, including fossil fuels.


The U.S. and Sweden have banned Russian fossil fuel imports entirely, with monthly import volumes down 100% and 99% in May relative to when the invasion began, respectively.



importers of russian fossil fuels

On a global scale, monthly fossil fuel import volumes from Russia were down 15% in May, an indication of the negative political sentiment surrounding the country.


It’s also worth noting that several European countries, including some of the largest importers over the 100-day period, have cut back on Russian fossil fuels. Besides the EU’s collective decision to reduce dependence on Russia, some countries have also refused the country’s ruble payment scheme, leading to a drop in imports.


The import curtailment is likely to continue. The EU recently adopted a sixth sanction package against Russia, placing a complete ban on all Russian seaborne crude oil products. The ban, which covers 90% of the EU’s oil imports from Russia, will likely realize its full impact after a six-to-eight month period that permits the execution of existing contracts.


While the EU is phasing out Russian oil, several European countries are heavily reliant on Russian gas. A full-fledged boycott on Russia’s fossil fuels would also hurt the European economy—therefore, the phase-out will likely be gradual, and subject to the changing geopolitical environment.https://elements.visualcapitalist.com/importers-of-russian-fossil-fuels/

2 views0 comments

Recent Posts

See All

Florida Named as Shark Attack Capital of the World

Another attention grabbing stunt by DeSantis to promote his state. Is perfectly clear that the Australian sharks off the Great Barrier Reef are better by almost ever metric; bigger, stronger, faster,

The fatal flaw in public education.

Ironic most other affluent nations give almost all families school choice (like Charter schools). Not here. In many parts of the US, poor neighborhoods are plagued with smaller budgets for public edu

コメント


Post: Blog2_Post
bottom of page