Russia received the largest revenue from oil exports since July 2022 – Kommersant
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In September, Russia increased oil exports by 460 thousand barrels per day, to 7.6 million, it says report International Energy Agency (IEA). Oil revenue was the highest since July 2022 at $18.8 billion.
The weighted average price for Russian oil increased by $8 per barrel on a monthly basis, to $81.8. The discount to the North Sea Dated (Brent) quote fell to $12.2 per barrel, the lowest since March 2022.
OPEC and OPEC+ previously excluded IEA data from their calculations. These have been replaced by information from Wood Mackenzie and Rystad Energy. Deputy Prime Minister Alexander Novak explained this by the bias of the IEA.
According to the IEA, India and China remain the largest importers of Russian oil. Exports to China increased by 270 thousand barrels per day, to Turkey – by 80 thousand. About 190 thousand barrels are distributed to “unknown” destinations. Exports of oil separately increased by 250 thousand barrels per day, oil products – by 220 thousand.
Oil production in September, according to the IEA, increased by 10 thousand barrels per day compared to August and amounted to 9.48 million barrels per day. The total production of liquid hydrocarbons amounted to 10.81 million barrels per day (+40 thousand due to increased condensate production). The agency expects that by the end of the year, the production of liquid hydrocarbons in Russia will amount to 10.94 million barrels per day – 150 thousand less than in 2022.
At the same time, the IEA raised its estimate of global oil demand growth in 2023 to 2.3 million barrels per day. It is expected to reach 101.9 million. The reason could be “rapid growth in demand in China, India and Brazil.” However, according to the agency’s forecast, demand growth in 2024 will slow to about 900 thousand barrels per day.
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