Despite trade restrictions due to the war in Ukraine, Russian oil revenues have increased by 50 percent this year. The International Energy Agency mentioned this in its monthly market report on Thursday. Meanwhile, the price of European gas continues to rise. The market is concerned about the supply of Russian gas through Ukraine and the impact of Russian sanctions on European energy companies.
Moscow earned nearly $20 billion per month in 2022 from consolidated sales of crude oil and products of about 8 million barrels per day. The transfer of Russian ships continues even as the European Union considers an import ban and international multinational oil companies such as Shell and Total Energy have pledged to halt purchases.
Unlike Europe, Asia will continue to import oil without restrictions, with China and India taking shipments that are no longer needed in Europe.
Recently, there has been less Russian gas flowing through Ukraine to Europe. Russian gas company Gazprom said transit through Ukraine will drop on Thursday by about a third. On Wednesday, there was already an 18 percent drop. Despite the war, Russian gas transit through Ukraine has remained stable in recent months.
Russia also announced that it has imposed sanctions on European energy companies. It remains to be seen what the consequences will be for the gas market. So the gas market remains very volatile, despite rising temperatures and the extensive supply of LNG to Europe.
On the Dutch natural gas futures market – the benchmark for the price of gas in Europe – the price rose by 11 percent on Thursday morning. Meanwhile, the price of a megawatt-hour has risen to more than 105 euros per megawatt-hour, an increase of more than 12 percent.
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