The average export price of Russian oil in August fell by $4.92 to $69.82 per barrel.
Exports of Russian oil and petroleum products in August 2024 decreased by 290 thousand barrels per day – to 7 million bpd, the lowest level since March 2021. The average price of Russian oil exports in August fell $4.92 to $69.82 per barrel. This was reported by RosSMI in connection with the report of the International Energy Agency (IEA, IEA).
It was noted that Russian oil exports in August fell to 4.4 million barrels per day, which is 270 thousand barrels less than in July and August last year. Exports of Russian petroleum products decreased by 20 thousand b/d compared to August 2023. Among them, the export of light oil products decreased by 240 thousand b/d, but the supply of fuel oil and vacuum gas oil increased by 230 thousand b/d.
According to the IEA, Russia’s revenues from the export of petroleum and petroleum products in August decreased by $1.6 billion compared to July and reached $15.3 billion. by $1.2 billion, to $9.6 billion.
According to the report, “available data do not make clear whether the unusually deep fall in Russian oil exports in August reflected efforts to meet OPEC+ production cut commitments or simply increased field maintenance.”
According to the IEA, oil production in Russia decreased in August by 80 thousand bpd – to 9.11 million barrels per day. At the same time, about 230 thousand b/d of Russia’s seaborne oil exports had no specific destination at the time the IEA report was completed. The export price of the Urals brand in August decreased by $3.5-4 per barrel – to $68.3. The value of North Sea Dated is $80.7 ($4.54).
The IEA report says global oil demand growth continues to slow, rising by 800,000 barrels per day in the first half of 2024 compared to last year, the lowest since 2020. The main driver of this decline is the rapid that slowdown in China, where consumption fell for the fourth month in a row by 280 thousand bpd in July.
The agency forecasts demand growth in 2024 of 900 thousand barrels per day compared to 2.1 thousand barrels per day last year – to nearly 103 million barrels per day. Demand growth in 2025 will be only moderate – by 950 thousand b/d.
At the same time, oil supplies in August increased by 80 thousand b/d to 103.5 million b/d. The annual increase in oil supply is expected to increase from 660 thousand bpd this year to 2.1 million bpd in 2025. At the same time, oil exports from non-OPEC+ countries will increase by 1.5 million b/d this year and in next, while exports from OPEC+ countries could fall by 810 b/d in 2024, but rise by 540 b/d next year if voluntary production restrictions remain in effect.
Falling oil prices have helped push Russian crude oil revenues to their lowest level since February, highlighting the challenges Moscow faces as global markets weaken.
Source: korrespondent
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