Russia’s oil export revenues increased by $1.8 billion in August – Kommersant
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The International Energy Agency (IEA) reported that Russia’s oil export revenues increased by $1.8 billion in August 2023. According to the IEA, the reason for this was rising oil prices, which compensated for the Russian Federation’s decision to reduce oil exports to world markets.
“Russia’s revenues from oil exports increased by $1.8 billion in August and reached the highest level since October 2022. With a general decrease in export volumes by 150 thousand barrels per day compared to the previous month, the weighted average price of Russian oil increased by $9.30 per barrel (+14.4%),” notes the monthly report IEA about the situation in the oil market.
The IEA also stated that in August Russia received the largest revenue from oil exports since October 2022 – in the amount of $17.1 billion. The total oil exports of the Russian Federation in August amounted to 7.2 million barrels per day.
In addition, the IEA report states that Russian Urals oil traded at an average of $70 per barrel in August, which is $10 higher than the “price ceiling” set by the G7 countries. According to agency analysts, in the first week of September the average price of Urals was $75 per barrel. The IEA believes that the increase in the cost of Russian oil was influenced by a decrease in its exports relative to the May level, which aggravated tension in world markets.
Russian oil exports by sea fell in August to this year’s minimum 2.94 million bpd, noted Kpler with reference to statistical data. Russia supplied less by sea only in December 2022 (2.91 million bpd), when the EU and G7 introduced a price ceiling on Russian oil. In July, maritime exports from Russia were at 3.1 million bpd.
Thus, Russia has achieved a reduction in oil exports by 500 thousand bpd due to a reduction in shipments by sea. It was announced by the government in early July as part of a joint effort to support oil prices with Saudi Arabia, which voluntarily cut production by 1 million bpd in July and August.
Read more in the article “Kommersant” “Complex Sentence”.
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