In October, Russian oil exports decreased by 70 thousand barrels per day to 7.5 million b/d, the monthly report of the International Energy Agency (IEA). Russia’s oil production in October increased by 30 thousand b/d to 9.53 million b/d, the agency noted.
“Moscow has promised to reduce oil exports by 300 thousand b/d from September to the end of 2023. However, preliminary estimates show that the total volume of oil and petroleum products exports will amount to 7.5 million b/s. At the same time, oil supplies amounted to 5 million b/s. In October, the total volume of oil and condensate supplies amounted to 10.9 million b/d, by 50 thousand b/d more than in September. It is predicted that by the end of 2023, oil and condensate production will average 10.95 million b/d, by 140 thousand b/d less than last year,” the report says.
Estimated export revenue fell by $25 million to $18.34 billion. Prices for Russian oil and petroleum products, with the exception of gasoline and vacuum gas oil, were higher than the price cap set by the G7.
Analysts estimate that in October, Russian budget revenues increased by 2.4%, compared to September to $10.9 billion (by 13% more than in October 2022).
Caspian Barrel
