Russian oil companies have become major suppliers to China at a loss

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www.vsyako.netPhoto: Maxim Bogodvid / RIA Novosti

By the end of April Russian oil sent to China an average of 1.75 million barrels per day. This allowed them to become the main suppliers, ahead of Saudi Arabia, which was only 1.26 million. This is with reference to data of the General administration of customs of the PRC according to Reuters.

Compared to April last year, increasing supplies to Russia amounted to 17.4 per cent, month-on-month terms to 5 percent. In turn, Saudi Arabia has reduced deliveries by 17.6 percent yoy and 25.8 percent compared to March.

In April, as analysts estimated pricing Agency Argus, Russian companies exported oil at a loss. If you subtract from revenue taxes and transport costs, with every barrel loss was up to three dollars, and if you take into account operating costs, the figure rises to eight dollars.

As noted in the report, this situation has led to high rate of mineral extraction tax, calculated at the March oil prices and increasing transportation costs, reports TASS.

The last factor is associated with a sharp increase in the cost of freight of tankers. Amid the excess of supply over demand, they were used for storage of raw materials, which led to shortages not only of supertankers, but also vessels of a smaller size.

Traders have accumulated this amount of oil reserves that, according to Bloomberg, able to manipulate prices, dramatically boosting the supply on the market.

In the coming years, analysts of rating Agency of the NKR, in the best case, the cost of oil will rise to 50-55 per barrel, but the most likely scenario in which they will remain in the range of 30-40 dollars.

Video, photo All from Russia.

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