{"id":1537774,"date":"2022-07-04T06:04:42","date_gmt":"2022-07-04T10:04:42","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1537774"},"modified":"2022-07-04T06:04:48","modified_gmt":"2022-07-04T10:04:48","slug":"heres-who-is-still-buying-russian-oil-and-gas","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/heres-who-is-still-buying-russian-oil-and-gas\/","title":{"rendered":"Here&#039;s Who Is Still Buying Russian Oil and Gas"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fheres-who-is-still-buying-russian-oil-and-gas%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1537774&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Despite looming sanctions and import bans, Russia exported <strong>$97.7<\/strong> <strong>billion<\/strong> worth of fossil fuels in the first 100 days since its invasion of Ukraine, at an average of <strong>$977 million<\/strong> per day.<\/p>\n<p>So, which fossil fuels are being exported by Russia, and who is importing these fuels?<\/p>\n<p>The infographic below, <a href=\"https:\/\/www.visualcapitalist.com\/whos-still-buying-fossil-fuels-from-russia\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:via Visual Capitalist&#039;s Niccolo Conte and Govind Bhutada,\" class=\"link\">via Visual Capitalist&#8217;s Niccolo Conte and Govind Bhutada,<\/a> tracks the biggest importers of Russia\u2019s fossil fuel exports during the first 100 days of the war based on data from the Centre for Research on Energy and Clean Air (<a href=\"https:\/\/energyandcleanair.org\/wp\/wp-content\/uploads\/2022\/06\/Financing-Putins-war-100-days_20220613.pdf\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:CREA\" class=\"link\">CREA<\/a>).<\/p>\n<figure class=\"caas-figure\">\n<div class=\"caas-figure-with-pb\">\n<div>\n<div class=\"caas-img-container caas-img-loader\"><noscript><img decoding=\"async\" alt=\"\" src=\"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2022\/07\/04060447\/7d965899f37e1dfbc09bf03350774259\" class=\"caas-img\" \/><\/noscript><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<h2><strong>In Demand: Russia\u2019s Black Gold<\/strong><\/h2>\n<p>The global energy market has seen several cyclical shocks over the last few years.<\/p>\n<p>The <a href=\"https:\/\/www.economist.com\/img\/b\/608\/662\/90\/sites\/default\/files\/images\/print-edition\/20211016_WBC654.png\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:gradual decline\" class=\"link\">gradual decline<\/a> in upstream oil and gas investment followed by pandemic-induced production cuts led to a drop in supply, while people consumed more energy as economies reopened and winters got colder. Consequently, fossil fuel demand was rising even before Russia\u2019s invasion of Ukraine, which exacerbated the market shock.<\/p>\n<p>Russia is the third-largest producer and second-largest exporter of crude oil. In the 100 days since the invasion, oil was by far Russia\u2019s most valuable fossil fuel export, accounting for <strong>$48 billion<\/strong> or roughly half of the total export revenue.<\/p>\n<figure class=\"caas-figure\">\n<div>\n<div>\n<div class=\"caas-img-container caas-img-loader noheight\"><img class=\"caas-img caas-lazy has-preview\" alt=\"\" data-src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/BNZ6KIUKpJ55qqVLI.2XVg--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--\/https:\/\/s.yimg.com\/uu\/api\/res\/1.2\/luyeTu.tKs9f.3_3wYqw7Q--~B\/aD0wO3c9MDthcHBpZD15dGFjaHlvbg--\/https:\/\/media.zenfs.com\/en\/oilprice.com\/c5f3a3b1456c63e7cb93fe2b28804bfa\" src \/><noscript><img decoding=\"async\" alt=\"\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/BNZ6KIUKpJ55qqVLI.2XVg--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--\/https:\/\/s.yimg.com\/uu\/api\/res\/1.2\/luyeTu.tKs9f.3_3wYqw7Q--~B\/aD0wO3c9MDthcHBpZD15dGFjaHlvbg--\/https:\/\/media.zenfs.com\/en\/oilprice.com\/c5f3a3b1456c63e7cb93fe2b28804bfa\" class=\"caas-img\" \/><\/noscript><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<p>While Russian crude oil is shipped on tankers, a network of pipelines transports Russian gas to Europe. In fact, Russia accounts for <strong>41%<\/strong> of all natural gas imports to the EU, and some countries are almost <a href=\"https:\/\/elements.visualcapitalist.com\/visualizing-the-eus-energy-dependency\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:exclusively dependent\" class=\"link\">exclusively dependent<\/a> on Russian gas. Of the <strong>$25<\/strong> <strong>billion<\/strong> exported in pipeline gas, <strong>85%<\/strong> went to the EU.<\/p>\n<h2><strong>The Top Importers of Russian Fossil Fuels<\/strong><\/h2>\n<p>The EU bloc accounted for <strong>61%<\/strong> of Russia\u2019s fossil fuel export revenue during the 100-day period.<\/p>\n<p>Germany, Italy, and the Netherlands\u2014members of both the EU and NATO\u2014were among the largest importers, with only China surpassing them.<\/p>\n<p><strong><a href=\"https:\/\/oilprice.com\/Geopolitics\/Africa\/Erdogan-Warns-Sweden-Finland-NATO-Bids-Could-Still-Be-Blocked.html\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Related: Erdogan Warns Sweden, Finland NATO Bids Could Still Be Blocked\" class=\"link\">Related: Erdogan Warns Sweden, Finland NATO Bids Could Still Be Blocked<\/a><\/strong><\/p>\n<p>China overtook Germany as the largest importer, importing nearly<strong> 2 million barrels<\/strong> of discounted Russian oil per day in May\u2014up <strong>55%<\/strong> relative to a year ago. Similarly, Russia <a href=\"https:\/\/www.cnn.com\/2022\/06\/20\/energy\/china-russia-oil-imports-record\/index.html\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:surpassed\" class=\"link\">surpassed<\/a> Saudi Arabia as China\u2019s largest oil supplier.<\/p>\n<p>The biggest increase in imports came from India, buying <strong>18%<\/strong> of all Russian oil exports during the 100-day period. A significant amount of the oil that goes to India is re-exported as refined products to the U.S. and Europe, which are trying to become independent of Russian imports.<\/p>\n<h2><strong>Reducing Reliance on Russia<\/strong><\/h2>\n<p>In response to the invasion of Ukraine, several countries have taken strict action against Russia through sanctions on exports, including fossil fuels.<\/p>\n<p>The U.S. and Sweden have banned Russian fossil fuel imports entirely, with monthly import volumes down <strong>100%<\/strong> and <strong>99% <\/strong>in May relative to when the invasion began, respectively.<\/p>\n<p>On a global scale, monthly fossil fuel import volumes from Russia were down 15% in May, an indication of the negative political sentiment surrounding the country.<\/p>\n<p>It\u2019s also worth noting that several European countries, including some of the largest importers over the 100-day period, have cut back on Russian fossil fuels. Besides the EU\u2019s collective decision to reduce dependence on Russia, some countries have also refused the country\u2019s ruble payment scheme, leading to a drop in imports.<\/p>\n<p>The import curtailment is likely to continue. The EU recently adopted a sixth sanction package against Russia, placing a complete ban on all Russian <a href=\"https:\/\/www.visualcapitalist.com\/mapped-which-ports-are-receiving-the-most-russian-fossil-fuel-shipments\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:seaborne crude oil\" class=\"link\">seaborne crude oil<\/a> products. The ban, which covers <strong>90%<\/strong> of the EU\u2019s oil imports from Russia, will likely realize its full impact after a six-to-eight month period that permits the execution of existing contracts.<\/p>\n<p>While the EU is phasing out Russian oil, several European countries are heavily reliant on Russian gas. A full-fledged boycott on Russia\u2019s fossil fuels would also <a href=\"https:\/\/economics.rabobank.com\/globalassets\/documents\/2022\/scenario-study-russian-fossil-fuels-20220504.pdf\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:hurt\" class=\"link\">hurt<\/a> the European economy\u2014therefore, the phase-out will likely be gradual, and subject to the changing geopolitical environment.<\/p>\n<p>By Zerohedge.com<\/p>\n<p><strong>More Top Reads From Oilprice.com:<\/strong><\/p>\n<p><a href=\"https:\/\/oilprice.com\/Energy\/Crude-Oil\/Who-Is-Still-Buying-Russian-Oil-And-Gas.html\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Read this article on OilPrice.com\" class=\"link\">Read this article on OilPrice.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite looming sanctions and import bans, Russia exported $97.7 billion worth of fossil fuels in the first 100 days since its invasion of Ukraine, at an average of $977 million<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1537774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1537774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1537774"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1537774\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1537774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1537774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1537774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}