(Bloomberg) — Russia’s seaborne oil flows are rising despite international pressure on the country’s oil industry. Aggregate volumes of Russian crude rose by 125,000 barrels a day to 3.465 million in the four weeks to Feb. 3, and the figure has been rising since the start of the year when Germany and Poland slashed the volume of crude they were taking through the Druzhba pipeline from Russia.
In its report from November 2022, the International Energy Agency (IEA) highlighted that Russian crude oil imports had dropped to 1.4 million barrels per day.  The International Energy Agency (IEA) reported that U.S. crude takes up approximately 12% of the total refinery processing volumes in the European Union (EU) in its November 2022 report.
The combination of Europe’s ban on imports, supplemented by a similar prohibition on purchases of Russian refined products, and price caps on exports elsewhere has squeezed the Kremlin’s earnings from its oil sales. Fears that sanctions imposed on Russia last month would lead to a decrease in oil exports have been unfounded as Russia has been able to maintain the flow of oil to global markets.
India is playing an increasingly important role in global oil markets, buying more and more cheap Russian oil and refining it into fuel for Europe and the US. This month, New York will receive a record high of approximately 89,000 barrels of Indian gasoline and diesel per day – the most in almost four years. Kpler data, compiled by Bloomberg, shows that this accounts for more than 40% of the region's total imports for January. The percentage has increased from an average of 5% from the previous year.
In January, the amount of low-sulfur diesel being transported to Europe reached 172,000 barrels, the highest volume since October 2021.
Moscow has been offering deep discounts due to the restriction of Russian sales to a limited number of buyers and the requirement of extended trips to reach the customers. Russia's permission to retain export amounts has helped sustain ample supplies internationally, consequently causing Brent crude to decrease to approximately $80 a barrel. This has caused a decrease in Moscow's revenue, but it has also helped to reduce inflationary pressures worldwide.
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