Russia’s oil export earnings fell by $1.4 billion in May to $13.3 billion.
Russia’s revenues from the export of oil and petroleum products in May reached $13.3 billion, which is 36% less than a year ago. This was stated in a message on the website of the International Energy Agency (IEA).
Russian oil exports in May fell by 260 thousand barrels per day, to 7.8 million barrels per day (b / d). At the same time, oil exports increased by 90,000 b/d to 5.2 million b/d, while oil products decreased by 350,000 b/d to 2.6 million b/d.
Expected oil export earnings fell by $1.4 billion to $13.3 billion, down 36% from the same period last year.
In May, India and China accounted for almost 56% of oil exports from the Russian Federation, Africa, the Middle East and Latin America – 12%.
Average oil prices fell from $60 per barrel in April to $55 per barrel in May, the IEA said in a report.
Meanwhile, the Financial Times, citing UN data, reports that the Russian Federation has continued to export oil to North Korea. Thus, Russia supplied 67,300 barrels of petroleum products to the DPRK between December 2022 and April 2023, which were the first deliveries recorded since September 2020.
Remember that in 2024 Russia will again reduce oil production. Russia’s oil production quota under the OPEC+ agreements will be reduced by 650,000 barrels per day.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.