D5S -- Remembering All The Pundits Who Said The Sanctions Wouldn't Work -- That China / India Would Buy All That Russian Oil -- December 14, 2022

Baseline data, prior to D5S.

Link here:

Lower oil prices and steeper discounts for Russian oil sent Russia’s oil revenues down in November despite the highest export volumes since April this year.

Last month, total oil exports out of Russia rose by 270,000 barrels per day (bpd) from October to 8.1 million bpd in November, pushed up by higher diesel exports

Russian diesel exports increased by 300,000 bpd to 1.1 million bpd in November, two months before the EU embargo on seaborne imports of Russian products.

Total Russian exports in November stood at their highest levels since April 2022, the IEA said. However, Russia’s oil export revenues fell by $700 million to $15.8 billion due to wider discounts on Russian crude and lower international crude oil prices. Russian oil prices saw steeper declines in November.

Urals in Northwest Europe fell by nearly $30 per barrel to $43 a barrel by early December, well below the $60 per barrel price cap finally agreed by G7, Australia, and the EU.