In Before The NeoConned OilSplainers...
Posted on 02/25/2023 8:40:45 PM PST by Kazan
Russia raked in significantly more money from its crude oil sales than previously thought, a group of academics have said.
Russia took in more money in the weeks that followed the oil price cap implemented on December 5 last year, calculations from academics at the Institute of International Finance, Columbia University, and the University of California show.
The calculations show that Russia sold its crude oil for about $74 per barrel on average, according to the paper “Assessing the Impact of International Sanctions on Russian Oil Exports” published on the Social Science Research Network.
The paper studied two things: the effects of the EU embargo and the G7 price cap on Russian seaborne crude oil.
“We find that Russia was able to redirect crude oil exports from Europe to alternative markets such as India, China, and Turkey but that export earnings were curbed substantially by the sizable discounts that Russian exporters had to accept in market segments where the impending EU embargo lowered demand.”
“However,” the report goes on to say, “we do not find crude oil discounts as large as those reflected in Urals prices toward the end of 2022. In particular, prices in market segments that are unaffected by lower European demand, e.g., exports from Russia’s Pacific Ocean ports, have not dropped in a meaningful way and shipments do not appear to comply with the price cap.”
(Excerpt) Read more at oilprice.com ...
A variation of the Streisand Effect.
In Before The NeoConned OilSplainers...
“Russia’s oil sales are in tatters, I tell you - TATTERS!!”
No way! 😂
They've been shattered....SHADOOBIE!
It’s just how they Roll...
Iran is in control of Iraq.
All these claims regarding discounts are around “two hundred rubles per dollar”, “dishwasher chips in cruise missiles”, and “Russian sovereign default” sort of baloney.
The feds can burn a billion dollars to drop the price of Urals on the exchange for propaganda reasons, but Urals futures are purely speculative tool and the physical oil contracts are perfectly detached from them and in real life it is traded by consensus between seller and buyer, normally $5-10 less compared to Brent.
“academics” in finance. Lol.
Someone has the money that Russia is asking for the oil. So a sale is made. It's called capitalism. It's commerce.
Sounds like a lack of buyers to me.
“Russia’s vodka sales are in taters, I tell you - TATERS!!”
No reason in the world for them not to sell it for what they can get for it.
Putin is using oil sales to pay for his war thanks to Biden giving him the Nord Stream Pipeline to supply EU and shutting down the American Oil Industry. Biden is responsible for millions of deaths in Ukraine War.
There are more fundamental ways that Biden and the West are responsible for deaths in Ukraine—and perhaps for the broader war to come from it.
Wanna bet Joe is trying to figure out how he can get a cut. He wants to go down in history as the first billionaire to make his money from political office.
According to the Russians. The article is based on "Russian customs data".
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