Russian oil export revenues increase by $1.2 billion in October 2024
Business10 December 2024, 11:35 AM
Russia's oil export revenues rose by $1.2 billion to $15.6 billion in October 2024, driven by higher prices and stable volumes, the KSE Institute reported on Dec. 10.
Russia increasingly relies on tankers tied to Iran and Venezuela for oil exports, aided by ship managers and countries using “flags of convenience,” the KSE Institute reported.
Russian seaborne crude oil exports rose 4% in October, while reliance on Western maritime services grew to 13%.
Most exports use a shadow fleet, with 85% of shipments handled by aging, inadequately insured vessels, posing environmental risks and helping Russia evade sanctions.
Key buyers include India, China, and Turkey, while sanctions targeting shadow tankers have caused disruptions but allowed some vessels to resume operations.
Russia's oil revenues are projected to hit $193 billion in 2024 under current sanctions.