Russian oil revenues have been declining to their lowest levels in years

The International Energy Agency revealed a noticeable decline in Russia’s revenues from crude oil exports and oil products during the month of August, to reach one of its lowest levels since the outbreak of the war in Ukraine.

The agency explained that the revenues decreased by $ 920 million compared to July, to reach 13.51 billion dollars, as a result of the decrease in exports and the increase in the discount on the price of the main Russian ore mixture, which reached about $ 56 a barrel, that is, less than the western price ceiling set at $ 60 a barrel. These losses come in light of increasing challenges facing the Russian energy sector, including raids Ukrainian repeated planes on oil refineries and pipelines designated for export, in addition to strict Western sanctions. The agency said in its report that “the returns of Russian oil exports are still close to their lowest levels in five years, which reduces tax resources and increases the intensity of the slowdown in the Russian economy.” She also pointed out that Russian oil and fuel exports decreased by about 70 thousand barrels Daily, to settle at 7.3 million barrels per day in August. Raw exports decreased by 30 thousand barrels per day, while oil products exports decreased by 40 thousand barrels per day. The report added that Russian oil production also decreased by 30 thousand barrels per day to 9.3 million barrels per day, in line with the production shares determined by OPEC+ and its allies.