Comfortingly, as the price of oil has fallen and their cost to extract and refine it remains fixed (or increasing with the very high wage inflation rate there), the amount of net profit they get has fallen non-linearly.
It’s a difference of about 300k tons/yr, but as others have mentioned, the price paid to Russia for these exports have plummeted. So in addition to exporting less, they are also getting paid substantially less as well.
I’m in transit so hard to tell visually what the net impact is. Up or down? Appears negligible
It’s clearly down; even downer if we calculate in dollars and not tonnes, as the prices fell.
And even more down if you use the net benefit as the Urals breakout price is around 40+ dollars.
Comfortingly, as the price of oil has fallen and their cost to extract and refine it remains fixed (or increasing with the very high wage inflation rate there), the amount of net profit they get has fallen non-linearly.
Adding up the components, total comes out to 1952k tonnes on the left and 1603k on the right
It’s a difference of about 300k tons/yr, but as others have mentioned, the price paid to Russia for these exports have plummeted. So in addition to exporting less, they are also getting paid substantially less as well.
Yeah I would love to see this converted to prices. Should be easy as we can see the global price of oil.
It looks negligible because the left and right sides don’t both start at the bottom.
Terrible visualisation of what could have been very interesting data.