The decline occurred due to the fact that Russian exports of crude oil and petroleum products fell to 7.6 million barrels per day in June.
Russia’s earnings from oil exports fell to their lowest level since February 2024 amid lower supply volumes. In the past four months, only in February was Russia’s income lower than in June. Bloomberg reported this with reference to data from the International Energy Agency (IEA) on Thursday, July 11.
Russia earned $16.7 billion from oil exports in June, down 1.2% from the previous month, according to IEA data.
The drop in monthly earnings came as Russian crude oil and refined product exports fell to 7.6 million barrels per day in June from 7.7 million barrels per day the previous month.
The average price of oil in the Russian Federation rose slightly in June to $70.39 per barrel from $70.05 in May, but this higher price did not compensate for the decline in export flows.
Russian barrels on average continued to trade above the $60 “price ceiling” set by G7 countries in response to Russia’s invasion of Ukraine.
We previously wrote that revenues from the sale of oil and gas in the Russian Federation increased by about 41% year-on-year in the first half of the year – to $65.12 billion due to the increase in oil prices and the weakening of the ruble .
Source: korrespondent
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