Overview
- Russia’s mineral extraction tax on oil, its main production-based levy, is set to reach about 700 billion roubles ($9 billion) in April, roughly double March, according to Reuters calculations.
- Exports averaged about 3.35 million barrels a day in the latest four-week period, the highest since June 2022, Bloomberg reported.
- Global benchmarks climbed past $100 a barrel after U.S. and Israeli strikes on Iran disrupted the Strait of Hormuz, steering more buyers toward Russian crude.
- Indian refiners raised purchases to about 1.9 million barrels a day after U.S. waivers let them take oil loaded before March 12, while more tankers now list Suez or Port Sudan as waypoints.
- The windfall faces limits from Ukrainian drone damage at ports like Ust-Luga and from volatile prices linked to a fragile two-week ceasefire that could reopen Hormuz and cool demand.