The decline in world prices has brought the price of Russian oil closer to $60 per barrel.
Falling oil prices have helped to reduce Russian crude oil revenues to their lowest level since February, exposing the challenges Moscow faces as the global market weakens. Bloomberg wrote this on Tuesday, September 10.
The decline in world prices has brought the price of Russian oil closer to $60 per barrel.
A price of $60 per barrel is the level the G7 seeks to impose on Russia as punishment for its aggression against Ukraine.
Russia’s four-week average crude oil export volume fell to 3.13 million barrels per day, down 30,000 barrels from last week. At the same time, the daily delivery of Russian oil at sea during the week increased by 40 thousand barrels – up to 3.14 million.
Overall, crude oil supply this year is about 45,000 barrels per day below the average for all of 2023.
The total value of Russian crude exports fell to $1.44 billion in the seven days to September 8 from $1.52 billion in the period to September 1. The slight increase in weekly flows was offset by lower prices for the main stream of crude oil from the Russian Federation. That pushed the weekly cost of overseas shipments to its lowest level since January.
The four-week earnings average fell to its lowest level since February of about $1.51 billion per week.
Let’s add that the world oil price dropped significantly due to weak economic data from China and broke through the psychological level of $70 per barrel.
We previously wrote that Russia’s oil export earnings fell to their lowest level since February 2024 amid lower supply volumes.
Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.