Russian oil exports fell sharply in February despite an increase in production quotas under the OPEC + deal. Volumes fell sharply in all directions, including China, which has become a priority export destination for Rosneft.
Does this mean that Russian oil companies will not be able to benefit from the rise in oil prices in February? Roman Vladimirovich Zhatkin, head of the client department at Vostochnye Vorota, answered the question of Fortrader magazine.
– Indeed, oil exports decreased in January and February, both by sea through ports and through the Druzhba oil pipeline. Even shipments to China have dropped. The point is not a decrease in the demand for oil, but the fact that the oilmen were forced to send raw materials to the domestic market due to a shortage of fuel.
In January, the 95th and 92nd brands of gasoline rose by 10%, and the government intervened in the situation. Oil workers were obliged to increase oil refining at refineries and to create additional reserves of gasoline in the amount of 1.6-1.7 million tons by May. It turns out that the drop in foreign currency earnings from the reduction in exports will be offset by the growth in ruble earnings from the increase in sales within Russia.