Russia’s oil exports fell in July, but were offset by an increase in supplies of petroleum products.
In July, Russia maintained its export of oil and petroleum products at the level of June – 7.3 million barrels per day, while export earnings increased by $2.5 billion – to $15.3 billion. This is the highest level since November of last year, when they reached the value. at $15.8 billion, the International Energy Agency (IEA) said in a report released on Friday, August 11.
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“High oil prices, combined with a reduction in the Russian grades discount, pushed up estimated export earnings by $2.5 billion to $15.3 billion,” the report said.
At the same time, the IEA noted that Russian revenues were $4.1 billion below the level of July last year.
At the same time, oil exports in July fell by 200,000 barrels per day to 4.6 million barrels, which was the lowest level since last December. However, this was offset by the same increase in the supply of petroleum products – up to 2.7 million bpd.
Oil production in the Russian Federation in July, according to the IEA, decreased by another 50 thousand b/d – to 9.4 million b/d, against the backdrop of a decrease in exports and an increase in refining.
“This means that Moscow has more than fulfilled the voluntary reduction (of production – ed.) of 500,000 barrels per day,” the report said.
It also said that Russian oil exports to China and India fell in the past month, but accounted for 80% of deliveries.
Recall that the price of Russian Urals oil fell one and a half times. Russia’s budget provides for a gradual decline in Urals oil prices from $80 per barrel in 2022 to $65 per barrel in 2025. But the decline happened much faster.
Source: korrespondent
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