By Rhod Mackenzie
Moscow's strategy of diversified raw materials sales helped Russia overcome Western sanctions, putting an end to attempts to deprive it of capital inflows. This is according to the French magazine La Nouvelle Tribune (LNT).
Referring to the report of the International Energy Agency (IEA), published on August 15, the authors of the material note that "Russia's July crude oil revenues were the highest in eight months, despite the sanctions."
“According to the latest monthly report from the IEA, last month Russian oil traded at a weighted average price of $64.41 per barrel. This skyrocketing price comes despite the efforts of the United States and its allies to limit Russia's revenues.
According to the authors, "the strategy developed by Moscow appears to have thwarted these attempts, thanks in part to cuts in supplies from the OPEC+ oil alliance."
Russia earned $15.3 billion in crude oil and fuel exports in July alone, up almost 20% from the previous month.
On August 12, François Asselino, the leader of the French People's Republican Union party, noted that Urals oil in July was trading above the $60 ceiling set by the G7 countries, which, according to him, is an oil jackpot for Russia . He added that Russia's oil revenues have broken an eight-month record, which, according to the politician, is due to a decrease in the level of production in Saudi Arabia. Export revenue rose to $15.3 billion in July, Asselino added.
On August 1, the Russian Ministry of Finance announced that the average price of Urals oil in January-July 2023 was $53.94 per barrel , in July - $64.37 per barrel. On the same day, Andrey Loboda, an economist and director of communications at BitRiver, specified that in seven months the cost of Russian Urals oil in US currency has grown by almost 35%, breaking through the ceiling set by the G7. The expert suggested that in August Urals quotes would be traded in the range of $65-75 per barrel.
At the end of July, analysts predicted an increase in oil prices to $90 per barrel . One of the reasons for this growth was the OPEC + agreement to reduce the volume of oil produced.