Misc
Who’s Still Buying Fossil Fuels From Russia?
The Largest Importers of Russian Fossil Fuels Since the War
Despite looming sanctions and import bans, Russia exported $97.7 billion worth of fossil fuels in the first 100 days since its invasion of Ukraine, at an average of $977 million per day.
So, which fossil fuels are being exported by Russia, and who is importing these fuels?
The above infographic tracks the biggest importers of Russia’s fossil fuel exports during the first 100 days of the war based on data from the Centre for Research on Energy and Clean Air (CREA).
In Demand: Russia’s Black Gold
The global energy market has seen several cyclical shocks over the last few years.
The gradual decline in upstream oil and gas investment followed by pandemic-induced production cuts led to a drop in supply, while people consumed more energy as economies reopened and winters got colder. Consequently, fossil fuel demand was rising even before Russia’s invasion of Ukraine, which exacerbated the market shock.
Russia is the third-largest producer and second-largest exporter of crude oil. In the 100 days since the invasion, oil was by far Russia’s most valuable fossil fuel export, accounting for $48 billion or roughly half of the total export revenue.
Fossil fuel | Revenue from exports (Feb 24 - June 4) | % of total Russian fossil fuel export revenue |
---|---|---|
Crude oil | $48.3B | 49.4% |
Pipeline gas | $25.2B | 25.8% |
Oil products | $13.6B | 13.9% |
Liquified Natural Gas (LNG) | $5.4B | 5.5% |
Coal | $5.0B | 5.1% |
Total | $97.7B | 100% |
While Russian crude oil is shipped on tankers, a network of pipelines transports Russian gas to Europe. In fact, Russia accounts for 41% of all natural gas imports to the EU, and some countries are almost exclusively dependent on Russian gas. Of the $25 billion exported in pipeline gas, 85% went to the EU.
The Top Importers of Russian Fossil Fuels
The EU bloc accounted for 61% of Russia’s fossil fuel export revenue during the 100-day period.
Germany, Italy, and the Netherlands—members of both the EU and NATO—were among the largest importers, with only China surpassing them.
Country | Value of fossil fuel imports from Russia (Feb 24 - June 4) | % of total Russian fossil fuel export revenue |
---|---|---|
China 🇨🇳 | $13.2B | 13.5% |
Germany 🇩🇪 | $12.7B | 12.9% |
Italy 🇮🇹 | $8.2B | 8.4% |
Netherlands 🇳🇱 | $8.2B | 8.4% |
Turkey 🇹🇷 | $7.0B | 7.2% |
Poland 🇵🇱 | $4.6B | 4.7% |
France 🇫🇷 | $4.5B | 4.6% |
India 🇮🇳 | $3.6B | 3.7% |
Other 🌍 | $35.7B | 36.5% |
Total | $97.7B | 100% |
China overtook Germany as the largest importer, importing nearly 2 million barrels of discounted Russian oil per day in May—up 55% relative to a year ago. Similarly, Russia surpassed Saudi Arabia as China’s largest oil supplier.
The biggest increase in imports came from India, buying 18% of all Russian oil exports during the 100-day period. A significant amount of the oil that goes to India is re-exported as refined products to the U.S. and Europe, which are trying to become independent of Russian imports.
Reducing Reliance on Russia
In response to the invasion of Ukraine, several countries have taken strict action against Russia through sanctions on exports, including fossil fuels.
The U.S. and Sweden have banned Russian fossil fuel imports entirely, with monthly import volumes down 100% and 99% in May relative to when the invasion began, respectively.
On a global scale, monthly fossil fuel import volumes from Russia were down 15% in May, an indication of the negative political sentiment surrounding the country.
It’s also worth noting that several European countries, including some of the largest importers over the 100-day period, have cut back on Russian fossil fuels. Besides the EU’s collective decision to reduce dependence on Russia, some countries have also refused the country’s ruble payment scheme, leading to a drop in imports.
The import curtailment is likely to continue. The EU recently adopted a sixth sanction package against Russia, placing a complete ban on all Russian seaborne crude oil products. The ban, which covers 90% of the EU’s oil imports from Russia, will likely realize its full impact after a six-to-eight month period that permits the execution of existing contracts.
While the EU is phasing out Russian oil, several European countries are heavily reliant on Russian gas. A full-fledged boycott on Russia’s fossil fuels would also hurt the European economy—therefore, the phase-out will likely be gradual, and subject to the changing geopolitical environment.
Visualizing Raw Steel Production in 2023
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Steel is essential for the economy due to its crucial role in infrastructure, construction, manufacturing, and transportation sectors.
This graphic breaks down the estimated global production of raw steel in 2023. The data was sourced from the U.S. Geological Survey as of January 2024.
China Produces More Than Half the World’s Steel
One major issue facing the steel industry is overcapacity in top producer China.
Steel production in China has surpassed demand in recent years, leading to downward pressure on the profit margins of steel mills worldwide.
Historically, China’s troubled real estate sector has accounted for over one-third of the country’s steel consumption. To address this issue, the Chinese government has mandated steel production cuts since 2021.
Far behind China, India is the second-biggest producer of steel, followed by Japan.
Country | Region | 2023 Production (million tonnes) |
---|---|---|
🇨🇳 China | Asia | 1,000 |
🇮🇳 India | Asia | 140 |
🇯🇵 Japan | Asia | 87 |
🇺🇸 U.S. | North America | 80 |
🇷🇺 Russia | Europe | 75 |
🇰🇷 S. Korea | Asia | 68 |
🌍 Rest of World | 420 | |
Total | 1,870 |
Infinite Recyclability
Steel is an alloy primarily composed of iron ore containing less than 2% carbon, 1% manganese, and other trace elements. It is 1,000 times stronger than iron and can be recycled over and over without sacrificing quality.
Steel is widely used in various industries. It is a fundamental material in construction, providing support through beams, internal structures, and roofing.
Moreover, steel’s corrosion-resistant properties make it ideal for water infrastructure. Stainless steel pipes are the preferred choice for underground water systems, ensuring longevity and purity in water transportation.
Additionally, most canned foods are stored in steel containers for preservation, as steel does not rust.
Misc
Visualizing Cobalt Production by Country in 2023
The Democratic Republic of Congo accounts for 74% of the world’s cobalt output.
Visualizing Cobalt Production by Country in 2023
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Cobalt is a critical mineral used in numerous commercial, industrial, and military applications. In recent years, it has gained attention as it is also necessary for batteries used in cell phones, laptops, and electric vehicles (EVs).
This graphic illustrates estimated cobalt production by country in 2023 in metric tons. The data is from the most recent U.S. Geological Survey (USGS) Mineral Commodity Summaries, published in January 2024.
The DRC Produces 74% of Global Cobalt
The Democratic Republic of Congo (DRC) accounts for 74% of the world’s cobalt output. Although the metal is found on a large scale in other parts of the world, like Australia, Europe, and Asia, the African nation holds the biggest reserve by far. Of the 11,000,000 metric tons of worldwide reserves, it is estimated that 6,000,000 metric tons are located in the DRC.
Country | metric tons | Percentage |
---|---|---|
🇨🇩 DRC | 170,000 | 74% |
🇮🇩 Indonesia | 17,000 | 7% |
🇷🇺 Russia | 8,800 | 4% |
🇦🇺 Australia | 4,600 | 2% |
🇲🇬 Madagascar | 4,000 | 2% |
🇵🇭 Philippines | 3,800 | 2% |
🌍 Other Countries | 21,100 | 9.00% |
Total | 229,300 | 100% |
Since around 20% of the cobalt mined in the DRC originates from small-scale artisanal mines, often employing child labor, the extraction of the metal has been a point of intense debate. With a long history of conflict, political upheaval, and instability, the country is often listed among the poorest nations in the world.
Today, the EV sector constitutes 40% of the overall cobalt market.
China is the world’s leading consumer of cobalt, with nearly 87% of its consumption used by the lithium-ion battery industry.
In the U.S., 50% of cobalt consumed is used in superalloys, mainly in aircraft gas turbine engines.
Learn More About Critical Minerals From Visual Capitalist
If you enjoyed this post, be sure to check out The Critical Minerals to China, EU, and U.S. National Security. This visualization shows which minerals are essential to China, the United States, and the European Union.
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