IEA: Russia's oil export revenues fell to a one-year low

Russia’s revenues from crude oil and fuel exports in October fell to $13.1 billion – $2.3 billion less than in the same period last year, the International Energy Agency (IEA) reported. The reasons were falling world prices, reduced exports, and the consequences of Ukrainian strikes on oil refining infrastructure. This is stated in the Reuters material, writes UNN.

DetailsAccording to the IEA, Russian oil and petroleum product supplies decreased by 150,000 barrels per day – to 7.4 million barrels.

Recent Ukrainian attacks on oil refining and production infrastructure contributed to a 110,000 barrels per day drop in crude oil exports, to just over 5 million barrels per day.

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Despite the pressure of sanctions, Russia is creating new sales channels. According to the IEA, in October, three new companies – “MorEksport”, “RusEksport” and “NNK” – exported about 1 million barrels of oil.

Crude oil production remained stable – 9.28 million barrels per day, which is slightly below the OPEC+ quota. Petroleum product exports, however, fell to 2.3 million barrels – the lowest since 2017.

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