Russia’s oil-export revenues see record drop in September – Bloomberg
Russia's revenues from oil exports fell to $15.3 billion (Photo:energyintel.com)
Russia’s revenues from oil exports shrank to $15.3 billion in September, the lowest so far this year, amid falling crude exports and prices, the Bloomberg news agency reported on Oct. 14, citing International Energy Agency data.
The fall in overall Russian revenues compared to the previous month is $3.2 billion, or 17.3%, the IEA said in its monthly Oil Market Report.
The agency estimated that a drop in crude exports of 260,000 barrels a day contributed to the figure, which represented the steepest decline in Russia’s revenue this year.
In September, Russia’s daily flows of crude oil and products to the EU decreased by 390,000 barrels to 2.6 million barrels. The share of the European market in the nation’s total exports fell to just 35% compared to 50% at the start of the year, the IEA said.
Another blow to Russia’s revenues came from lower crude prices. In September, the average price for benchmark Urals crude fell 8.7% from a month earlier to $68.65 a barrel, according to Russia’s Finance Ministry.
At the same time, revenues “were still higher than the average monthly revenue in 2021,” which was $14.9 billion, it said.
U.S. Treasury Secretary Janet Yellen said on Oct. 13 that a price cap on Russian oil exports in the $60-a-barrel range would likely be sufficient to reduce Moscow’s energy revenues while still allowing profitable production.
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