JRL NEWSWATCH: “Western sanctions have had ‘limited impact’ on Russian oil output, says IEA” – Financial Times
“Rerouting of Moscow’s crude to India, China and Turkey has helped offset curbs elsewhere.”
“… Moscow’s exports of crude and oil products to Europe, the U.S., Japan and Korea had fallen by nearly 2.2mn barrels a day since its full-scale invasion of Ukraine, the [International Energy Agency] said. But the rerouting of flows to countries including India, China and Turkey had mitigated financial losses …. Russian oil production in July was only 310,000 b/d below prewar levels, a fall of less than 3 per cent, while total oil exports were down about 580,000 b/d, according to the IEA’s latest monthly oil report. As a result, Russia would have generated $19bn in oil export revenues last month, and $21bn in June, the IEA’s data showed. …”