IEA: Russia’s oil export revenues increased by $1.8 billion in August
[ad_1]
Russia’s revenues from oil sales abroad increased by $1.8 billion in August 2023, despite the decision to reduce the volume of energy exports. The reason was the increase in the cost of oil on world markets, should from the monthly report of the International Energy Agency (IEA).
“Russian oil export revenues increased by $1.8 billion to $17.1 billion in August. The reduction in supplies of petroleum products by 150,000 barrels per day was more than offset by high prices. Russian oil exports totaled 7.2 million bbl/d last month, down 570,000 bbl/d from a year ago,” the IEA said.
According to the agency, the weighted average price of Russian oil in August increased by $9.30 per barrel (+14.4%) compared to July figures. The report added that last month Russia received its largest oil export revenue since October 2022, amounting to $17.1 billion.
Russian Urals oil traded on world markets at an average of $70 per barrel in August, which exceeded the price ceiling set by the G7 countries by an average of $10. The IEA added that in the first week of September the price of Urals increased to $75 per barrel. According to agency analysts, this is due to a decrease in export volumes compared to the May level. This provoked increased tension in world markets.
Russia and Saudi Arabia September 6 extended voluntary reduction in oil exports by 300,000 barrels per day until the end of December 2023. As Deputy Prime Minister Alexander Novak noted, this measure is additional to the reduction in energy production by 500,000 barrels per day until the end of 2024, announced earlier.
[ad_2]
Source link
