Russia’s oil export revenues have almost halved

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Russia’s revenues from the export of oil and petroleum products in June 2023 fell by $1.5 billion, or 11.2%, to $11.8 billion compared to May,  the oil market review of the International Energy Agency (IEA). 

This is the lowest figure in recent months and almost half as much as in June 2022 ($20.4 billion), the agency notes.

Based on the IEA data, in the first half of 2023, oil exports decreased by more than one and a half times, compared to the first half of 2022 – from $120.4 billion to $77.4 billion.

According to the agency’s experts, the total volume of Russian oil exports in June decreased by about 0.6 million barrels 

compared to May, up to 7.3 million barrels per day, this is the lowest figure since March 2021.

In August, Russia will reduce exports by another 0.5 million barrels of oil per day to “ensure market balance,” Deputy Prime Minister Alexander Novak said in early July. 

But production in the country may remain at the same level, as there is a seasonal increase in domestic demand, the IEA points out.

The Federal Customs Service (FCS) has stopped publishing data on exports and imports since March 2022 after the introduction of Western sanctions.

Nevertheless, the Ministry of Finance regularly publishes data on oil and gas revenues, which, in addition to the export of oil and petroleum products, include gas supplies abroad, as well as sales on the domestic market.

On July 7, the agency reported that oil and gas revenues for January—June 2023 decreased by 47%, to 3.382 trillion rubles ($36.5 billion at the Central Bank rate). 

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