Russia Still Earning $100M per Day from Oil
Russian revenues from gas exports are believed to be equal to the revenue last year
on 24th June 2022 @ 4.00pm
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Russia has significantly lowered supply to major European consumers like Germany and Italy in the last weekRussia is continuing to earn more than $100 million every day from gas sales to Europe, despite cutting major EU consumers’ deliveries in the past week, according to data from Independent Commodity Intelligence Services (ICIS).
As natural gas prices soar, Russian revenues from gas exports are believed to be equal to the revenue last year when there was no limitation on gas flows to Europe.
Tom Marzec-Manser, head of gas analytics at ICIS, told Bloomberg:
“It’s shocking to see that, despite the 75% cut in daily supply by Gazprom to Europe, the daily receipts are still in line with where they were a year ago, and certainly higher than pre-Covid times.”
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The annual maintenance at Nord Stream will completely halt deliveries through the pipeline for two weeks in July, reports revealRussia has significantly lowered supply to major European consumers like Germany and Italy in the last week.
The move came despite buyers bowing to Putin’s demand to open accounts in rubles at Gazprombank for processing of the payments the way Russia wanted to.
The annual maintenance at Nord Stream will completely halt deliveries through the pipeline for two weeks in July, reports reveal.
The maintenance will leave Europe further scrambling to fill gas storage sites to adequate levels before the winter.
Despite the embargo on Russian seaborne oil by the EU, Russia is still enjoying high oil and gas prices.
Even Weste …