"Russia will not lift the gasoline export ban in August. This is also a basic decision in September and October" - TASS news agency quoted Russian Deputy Minister of Energy Pavel Sorokin.
Previously, Bloomberg reported that Russia's four-week average seaborne oil exports fell to 3.11 million barrels a day as of July 14, down nearly 600,000 barrels (equivalent to 17%) compared to the peak. recently in April.
Russia's seaborne crude oil shipments fell to their lowest level since January, thanks to a recovery in domestic refining rates to a six-month high.
China and India are likely to feel the export cuts the most because they buy more than 80% of Russia's seaborne crude. However, Chinese and Indian buyers can still substitute crude from other markets.
“The sharp decline in July was not a one-time event,” Viktor Kurilov, senior oil market analyst at consulting firm Rystad Energy A/S, told Bloomberg.
Rystad Energy predicts that Russia's seaborne crude oil throughput will remain limited to around 2.7 million b/d in July and August but will recover slightly to 2.9 million b/d in September when Russian refineries are expected to begin traditional fall maintenance.
This is a large drop from the 3.6 million to 3.7 million bpd exports recorded in April and May when repeated Ukrainian drone attacks disrupted domestic oil refining activities.
However, overall in the first 6 months of 2024, Russian resource exports to China still increased.
Vedomosti newspaper cited Chinese customs data as saying that Russia's trade turnover with China from January to June this year increased by 4% over the same period last year, reaching a peak of 65.2 billion USD. , in which oil and gas supply accounts for nearly 90% of exports.
In the first 6 months of the year, China bought Russian oil and oil products with a total value of 50 billion USD, compared to 47 billion USD in the same period last year.
In just six months of 2024, Russian oil producers sold more than 55 billion tons of crude oil to China, up 5% over last year.
The average price for Russian oil exports increased 9% in the first half of the year compared to the same period last year, reaching $80.30 a barrel, breaking the $60 price ceiling imposed by the West.
Russian aluminum shipments to China increased at a record pace of 64% by annual value, to $1.8 billion. Exports of other products also increased.
Metal ore supplies increased 15% to $2.3 billion, while wood exports increased 2% to $1.7 billion.
The economic relationship between Russia and China is strengthened by the joint decision to conduct the majority of transactions in the countries' currencies, rather than in USD .
