The IEA estimated the fall in Russia’s oil revenues for March at 20% – Kommersant

In March, exports of Russian oil and petroleum products increased by 210 thousand barrels per day (b/d) compared to February and amounted to 7.84 million b/d, indicated in report International Energy Agency (IEA). At the same time, revenues from oil exports fell by 20% to $9.3 billion, according to the report. Interfax.

As reported “Kommersant”, intensified drone attacks on Russian oil refineries have led to an increase in oil exports, while shipments of petroleum products have decreased. Repairs at Russian refineries also affected the decline in shipments. The greatest losses are observed in the gasoline market – as a result of the February export ban.

The favorable situation on the international market and stable demand stimulated an increase in the price of Russian oil by an average of $1.8 per barrel, despite the tightening of US sanctions. Urals’ premium to the $60 a barrel price ceiling widened last month, while the discount to North Sea grades narrowed.

By the beginning of April, FOB prices (the price that includes the final cost of products taking into account export clearance, customs duties and costs of delivery to the port and loading without freight) exceeded $75/b, reaching their highest since October 2023. At the same time, the price for Urals increased to $2.2/b by February, FOB Primorsk – to $68.45/b. An increase in North Sea Dated by $1.54/b reduced the discount on Urals by $0.21–0.69/b, and the discount on ESPO decreased by $0.62/b to -$6.76/b. At the same time, the ESPO discount to Dubai M1 increased to $6/b.

At the same time, the difference in the price of Urals supplied to India against the Dubai M1 grade has increased to $2.95/b, which indicates an unfavorable environment for Russian oil. According to the IEA, the Sokol variety suffered the most, shipments of which were unable to reach Indian shores due to US sanctions and were redirected to China.

Read more about Russian oil exports in the Kommersant publication. “Oil rushed abroad”.

Alexandra Goroshilova