EconomyFinanceWar

Russia’s oil export revenue is growing, allowing it to finance its war in Ukraine.

Wednesday, December 11, 2024
Russia’s oil export revenue is growing, allowing it to finance its war in Ukraine.

According to KSE analysis, in October 2024, Russia’s oil export revenue increased by $1.2B, to $15.6B. 85% of deliveries were made by shadow tankers, which allowed Russia to evade the price limit of $60 per barrel, enabling it to finance its military operations. Russian Urals oil rose in price to about $63 per barrel.

In October, India imported 1.865 million barrels daily from Russia, 53% of Russia’s oil exports by sea. Deliveries to Turkey increased by 150% to 329,000 barrels per day. In addition, ship managers from the UAE and China facilitate oil transportation at prices exceeding $60 per barrel.

Russia’s oil revenue is projected to reach $193B in 2024 and $137B in 2025 under current conditions. However, weak sanctions compliance could lead to an increase in revenue to $167B and $165B in 2025 and 2026, respectively.

 

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