Revenue from Russian oil exports fell by $25 million in October – Kommersant
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The International Energy Agency (IEA) estimates that Russian oil exports in October fell by 70 thousand barrels per day (b/d), to 7.5 million b/d. Estimated export revenue fell by $25 million to $18.34 billion, the IEA notes in its monthly report.
IEA analysts explain the decrease in export revenue by the fact that lower international oil prices offset the reduction in discounts on Russian grades of oil compared to Brent. According to the agency, prices for Russian petroleum products were above the price ceiling of $60.
The agency’s report clarifies that the extension of the voluntary reduction in oil production until the end of the year by Russia and Saudi Arabia within the framework of OPEC+ will lead to the fact that the oil market will be in a state of “significant deficit” until 2023. IEA analysts note that the OPEC+ alliance will produce 900 thousand b/d less than demand.
According to IEA data for September, the weighted average price of Russian oil was $81.8 per barrel. In September, Russia’s oil export revenues reached their highest level since July 2022 – $18.8 billion, the IEA reported. The total volume of exports of oil and petroleum products increased by 460 thousand bpd, to 7.6 million bpd. Separately, oil – by 250 thousand b/d, up to 4.9 million b/d.
Read more in the Kommersant article. “Oil overflows through the ceiling”.
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