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 Russia making more money from oil infographic
Graphic shows Russian seaborne crude oil flows and revenues.
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ENERGY

Russia raking in money from oil exports

July 13, 2022 - Russia is still getting plenty of cash from oil, even as its exports are showing signs of ebbing. Crude shipments in July will earn the Kremlin about $7.53 a barrel, up from $6.11 a barrel in June.

The rate of export duty charged on crude increased by 23% between June and July, delivering an additional $1.42 a barrel to the Kremlin on every cargo shipped out of the country. That boost helped Russia shrug off a 15% drop in crude shipments in the week to July 8, with revenues edging down by just $3 million, or 2%, according to Bloomberg News.

The Group of Seven industrialised countries are under pressure to find a way to hurt Russia without spiking oil prices. In an attempt to do that, U.S. Treasury Secretary Janet Yellen is pushing a plan to cap Russian oil prices in order to preserve export volumes while hitting the government’s revenues, Bloomberg said.

Sources
PUBLISHED: 13/07/2022; STORY: Graphic News
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