Russian oil exports to China have plummeted in price
Due to U.S. sanctions that have significantly cut supplies to India, the price of Urals crude oil, Russia's main export oil, to China has fallen to an unprecedented low level.
In August this year, Urals crude oil was still at a $1 premium over Brent crude oil, but this week its discount has reached $10 per barrel. At the same time, Urals crude oil is exported through ports in Russia's European part, which means transportation costs will erode a larger portion of sales revenue.
Although China has shown interest in the Russian crude oil output released, the total amount of Urals crude oil currently on tankers has exceeded 13 million barrels, which is at least the highest level in the past decade. Nearly half of it is located in the Arabian Sea, and one-fifth is in the Singapore Strait and the Yellow Sea.
Last December, Russia's oil exports to India fell to the lowest level in more than three years. At the same time, according to Kpler, China's imports of Urals crude oil rose to a historical high of 400,000 barrels per day.
Previously, the Russian Ministry of Finance reported that the country's oil and gas revenue for last year fell by nearly a quarter to 8.48 trillion rubles, the lowest level since 2020.
Preliminary data shows that due to a significant reduction in maritime exports and further decline in Russian oil prices, the oil and gas revenue results for January this year may be worse than those for December last year.
Original article: toutiao.com/article/1855063393289223/
Statement: This article represents the views of the author himself.