A sharp decline in Russian oil revenues during November.. Has the Western blockade succeeded?
Russia of exports and oil derivatives in November to their lowest level since the start of the war in Ukraine, and also since the pandemic Corona, according to a report by the International Energy Agency.
The report published on Thursday indicated that Russia’s exports of Crude oil and petroleum products decreased by 420 thousand barrels per day to reach 6.9 million barrels per day in November, which is the lowest level since the beginning of the war and since the Corona pandemic.
The report stated that "The decline in the volume of exports coupled with the decline in prices led to a decline in revenues to 11 billion dollars, a decrease of 3.6 billion dollars in a year, and 11.4 billion dollars less than the rate recorded in the first quarter of the year 2022, following the invasion of Ukraine."
Pressures of Western sanctions
The Russian energy sector, which is the engine of the Russian economy, is suffering from the pressures of Western sanctions aimed at drying up sources of financing for the Russian war effort in Ukraine, and from the escalation of Ukrainian strikes since last summer targeting Russian oil refineries and hydrocarbon facilities.
Russian crude oil exports declined by 290,000 barrels per day in November compared to the previous month, while exports of petroleum products declined by 130,000 barrels per day.
The International Energy Agency indicated that Russia’s exports transported through the Black Sea declined by 42%, to reach 910 thousand barrels per day, as a result of the recent Ukrainian attacks that targeted ships and facilities belonging to the stealth fleet used to circumvent international sanctions.
According to the agency, Türkiye and India appear to be the two "The two main destinations affected by this decline".
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