The International Energy Agency (IEA) reports that Russia's oil exports rose by 460,000 barrels per day (bpd) to 7.6 million bpd in September compared to the previous month.
This led to the country receiving its highest revenue since July 2022, amounting to $18.8 billion, as per the agency's monthly report.
This led to the country receiving its highest revenue since July 2022, amounting to $18.8 billion, as per the agency's monthly report.
"Russia's oil export revenues rose by $1.8 billion in September and reached their highest level since July 2022, thanks to a combination of higher total volumes and higher weighted average prices for Russian crude and oil products," the report said. The attached tables specify that oil exports amounted to 7.6 million barrels per day and total revenues amounted to $18.8 billion.
The majority of Russia's oil is still purchased by China and India, as reported by the IEA. For instance, oil exports to China have risen by 270,000 bpd.
The agency's estimates show that oil export revenues grew more substantially (by $1.5 billion) than revenues from oil products. However, the total export revenues recorded a shortfall of $2.6 billion compared to last year's level. According to the agency, the increase in month-on-month shipments of refined products (by 220,000 bpd) and crude oil (by approximately 250,000 bpd) contributed to the overall export growth. Shipments in September 2022 were 100,000 bpd higher compared to September 2021.
The agency's estimates show that oil export revenues grew more substantially (by $1.5 billion) than revenues from oil products. However, the total export revenues recorded a shortfall of $2.6 billion compared to last year's level. According to the agency, the increase in month-on-month shipments of refined products (by 220,000 bpd) and crude oil (by approximately 250,000 bpd) contributed to the overall export growth. Shipments in September 2022 were 100,000 bpd higher compared to September 2021.
Russia began voluntarily reducing oil production by 500,000 barrels per day from February's level of 9.95 million bpd in March. This measure will remain valid until the end of 2024. Additionally, since August, Russia has been reducing oil exports. The first month saw cuts of 500,000 bpd. From September to December, the volume of cuts will be 300,000 bpd.