Russia has continued to see an increase in its oil export revenues, which exceeded $20 billion and grew by $700 million month-on-month due to the rising global prices, despite a decline in the volume of exports to the lowest since August 2021 level of 7.4 million barrels per day, the International Energy Agency (IEA) said on Wednesday
MOSCOW (Pakistan Point News / Sputnik - 13th July, 2022) Russia has continued to see an increase in its oil export revenues, which exceeded $20 billion and grew by $700 million month-on-month due to the rising global prices, despite a decline in the volume of exports to the lowest since August 2021 level of 7.4 million barrels per day, the International Energy Agency (IEA) said on Wednesday.
"Russian oil exports in June fell by 250 kb/d m-o-m to 7.4 mb/d, the lowest since August 2021. This time, the decline was led by crude oil, while product shipments were relatively stable at 2.4 mb/d. Meanwhile, export revenues increased by $700 million m-o-m on higher oil prices, to $20.4 billion, 40% above last year's average," the agency said in a report.
Compared to the peak level in April amid the special operation in Ukraine, the total volume of Russian exports of oil and petroleum products in June decreased by 530,000 barrels per day, or 7%, but export revenues increased by $2.3 billion, or 13%, the statement said.
According to IEA estimates, the fall in export volumes in June was led by crude oil, while the supply of petroleum products remained relatively stable, amounting to 2.4 million barrels per day. Crude oil exports fell by 250,000 barrels per day to just over 5 million, still slightly above the average of the pre-conflict level.
At the same time, the report said that oil refining productivity in Russia increased by 420,000 barrels per day in a month to 5.4 million barrels per day, which is the highest value since February. The IEA attributes this to the resumption by Russia's Rosneft of the work of the Tuapse oil refinery after a three-month downtime. The plant with a capacity of 240,000 barrels per day, which exports petroleum products along the Black Sea, was the first to suspend operations due to the US-imposed sanctions, and navigation problems.
According to the Russian Finance Ministry, the average price of Urals, Russia's main export blend, increased by 10.7% in June compared to May, or some 1.2 times year-to-year, to $87.25 per barrel. The average price for Urals in the first half of the year was $84.09 per barrel, against $63.35 for the same period in 2021.
