Russia’s earnings from crude and refined oil exports fell in November to their lowest level since the start of the invasion of Ukraine, according to the International Energy Agency’s latest monthly report. The agency notes that revenues were even lower than those recorded during the COVID-19 pandemic.
It explains that a decline in export volumes, combined with weaker prices, pushed revenues down to 11 billion dollars. This amount is 3.6 billion dollars less than the same month last year and 11.4 billion dollars below the average recorded in the first half of 2022 after the invasion.
The report also recalls that Washington has imposed sanctions on Russia’s major oil producers, including Rosneft and Lukoil.
According to the International Energy Agency, Russia’s income from crude and fuel sales dropped to 10.97 billion dollars in November, representing a year-on-year decline of 3.59 billion dollars. Total oil and fuel exports also fell by around 400,000 barrels per day, bringing shipments down to 6.9 million barrels daily.
The agency adds that Russia’s oil output decreased last month to 9.03 million barrels per day, compared with 9.24 million barrels per day in October. Production levels were about 500,000 barrels a day below the ceiling set for November by OPEC and its allies, the group known as OPEC+.
Sources:
Le Figaro, Reuters
