DATACRUNCH: Sanctions by the numbers - oil

摘要

RUSSIA dominates Europe’s oil supplies and is the single largest supplier, accounting for a quarter of all oil deliveries. Most of Europe now wants to diversify away from Russian oil, but adding to the problems is that much of this oil is delivered not by ship but the Druzhba oil pipelines that have been operating since the 1970s, which makes switching supplier much more difficult. Russia makes a lot of money from oil exports. Russia exports some 6mn barrels per day (bpd) to Europe – over half its total exports – and consumes a quarter of its output itself. China buys less than 20% of these exports, while the West normally absorbs over 70%. These Western imports represent more than half Russia’s entire oil output. At today’s prices, Kremlin tax receipts on export oil alone – about $500mn per day – will cover 70% of Russia’s Federal Budget for 2022, but the drive to ban Russian oil exports to Europe continues to face stiff resistance from some member states.