Submission Statement: Due to new US & EU sanctions, low global oil prices, and India agreeing to limit Russian oil purchases, Russia's oil & gas revenues are at their lowest level since July 2020 and half of what they were in January 2025. Trump's decision to tariff India over its purchases of Russian oil and to sanction Rosneft & Lukoil, combined with the EU's decision to ban fuel made from Russian crude (meaning it could no longer be refined somewhere else and shipped to Europe in the form of gasoline or diesel fuel), has had devastating effects on Russia's oil exports. Russia's seaborne crude oil exports on on track for 2.8 million BPD in February, down from 3.4 million BPD in January & 3.8 million BPD in December. The volume of Russian oil held on ships climbed to a record of over 150 million barrels and Russian oil production could be forced to be cut by up to 300,000 BPD between March & May. We could see a further collapse in Russian oil revenues as the EU is considering a full ban on shipping services for Russian oil and the US slowly starts to ramp up Venezuelan oil production.
Posted by riderfan3728