Russia’s estimated revenue from oil exports rose by $1.7 billion to $17.3 billion on the back of higher volumes and higher product prices.
According to the results of October, the total volume of oil exports from Russia increased by 2.7% compared to September – up to 7.7 million barrels per day. This was announced by the International Energy Agency (IEA) in its report released on Tuesday, November 15.
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In particular, Russian oil exports increased by 100 thousand b/d to 4.9 million b/d, in line with February and July, while sales of petroleum products also increased by 100 thousand b/d to 2.8 million b/d/With .
Estimated export earnings rose $1.7 billion to $17.3 billion on the back of higher volumes and higher product prices.
Russian oil exports to the EU in the reporting month reached 1.5 million b/d, which is 1 million b/d less than before the start of the war against Ukraine. A 140,000 b/d decrease in volumes delivered via the Druzhba pipeline was partially offset by a slight increase in offshore shipments. Exports of oil products fell by 300,000 bpd to 1 million bpd, of which 600,000 bpd accounted for diesel fuel.
The EU’s share of Russian oil exports fell to just 31% in October from 50% before the war, while the share of petroleum products fell from 50% to 35%.
The European Union compensated for the loss of Russian oil volumes with supplies mainly from the Middle East, as well as from Africa, Norway, Brazil and Guyana.
The IEA said that in October there were no significant purchases of Russian oil outside of China, India and Turkey, despite the discounts. On December 5, Russia will need to divert another 1.1 million b/d for export to other countries as the EU import ban takes effect. Additional logistics efforts should help product sales, but a major problem is the lack of tankers, especially ice-class ships, for loading in Baltic ports during the winter.
Earlier, the IEA said that Russia would not be able to restore its energy exports. Russia’s dwindling energy exports will drop by exactly 50% by 2030.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.