JRL NEWSWATCH: “A higher global oil price will help Russia pay for its war; The Kremlin tries new tactics to keep proceeds afloat” – The Economist
“… After … record volumes in recent months, despite Western embargoes, dwindling production and the [Black Sea navigational] risks … Russia’s crude shipments fell to 3m barrels a day (b/d) in August … 800,000 lower than … April-May … and below pre-war levels. …. On September 5th Russia said it would extend a ‘voluntary’ 300,000 b/d cut … to the end of 2023 …. Sagging exports [reduce funds for] replenish[ing] [Russia’s] military arsenal. … August federal-tax revenues from crude sales [reportedly] dropped to $8bn, down from $10bn in July and $13bn in August last year …. The rouble … has crashed to near 100 to the dollar …. Three … tactic[s] feature in [Russia’s] new playbook. … More recently … the strategy of chasing higher prices has seen some success. … [While] sell[ing] less crude, [Russia] is … trying to sell more … premium refined oil …. The third way that Russia is trying to compensate for lower crude shipments is by developing new [distribution] channels [and emphasizing customers still willing to buy] ….”