Bloomberg reported that there are no indications of a significant decrease in Russian oil exports, despite Moscow’s decision two months ago to reduce its production of black gold.
According to the agency, offshore oil supplies from Russia are stable and even increasing gradually, and in the last week of last April they generally exceeded the level of 4 million barrels per day.
And a report by the agency stated: “The seaborne flows still do not reflect the production cut, which the Russian Energy Ministry said reached 700,000 barrels per day last March. It does not seem that the refineries operating in Russia have declined much either. The figures show that the processing rates remained below Almost a change since the beginning of the year.
Experts attribute this to Russia’s shift towards the East, especially the Asian countries, after Western countries imposed sanctions on it under the pretext of the military operation in Ukraine.
Despite the discount offered by Russia to oil buyers, Bloomberg agency pointed to the growth of Moscow’s income from oil exports and expected Russia to resume its purchases of foreign exchange reserves.
According to Bloomberg, budget revenues are close to the target level, which could allow Moscow to start buying the yuan in May.
This article was originally published by RT.