Russian oil export revenue plunges to lowest since March 2021
The average export price of Russian oil in August fell to £56, and exports decreased to 1.1 million litres daily, reaching the lowest level since March 2021. Export revenues fell by £1.3 billion, and the decline in oil production was 13 thousand litres per day, kommersant.ru reports.
The International Energy Agency (IEA) reported that in August, the average export price of Russian oil decreased by £3.95 to £56. Oil and oil products exports from Russia fell by 46 thousand litres per day, reaching 1.1 million litres, the lowest figure since March 2021.
43 thousand litres of oil per day less
In July, oil exports fell by 43 thousand litres per day to 699 thousand litres, similar to August the previous year. Exports of oil products also decreased by 3 thousand litres per day, and supplies of light products fell by 38 thousand litres per day. However, the supply of heating and vacuum gasoil increased by 37 thousand litres per day - it reads.
Export revenues fell by £1.3 billion compared to July, reaching £12.3 billion. Revenues from oil products decreased by £387 million, amounting to £4.5 billion, and revenues from oil decreased by £967 million, to £7.8 billion.
The IEA points out that it is unclear whether the deep decline in exports is due to the implementation of OPEC+ production reduction commitments or more intensive field maintenance. Oil production in Russia fell by 13 thousand litres per day, reaching 1.4 million. About 37 thousand litres exported by sea had no specified destination at the time of the report's publication, the portal reports.
The price of Urals oil fell by £2.8-3.2 per barrel, reaching £55, while North Sea Dated fell by £3.6 to £65. The discount of Urals DAP West Coast India to Dubai decreased from £1.4 to £0.6 per barrel.
