Russia’s oil revenues dropped in November to the lowest level since July as crude export prices dropped and volumes declined, the International Energy Agency (IEA) said on Thursday.
Russia’s export revenues for crude and oil products fell by 17% month-on-month in November to $15.2 billion—the lowest export revenues for Moscow since July this year, the agency said in its Oil Market Report for December.
Revenues from crude exports fell by $2.4 billion month-on-month in November, while product export revenues dropped by $800 million, per the IEA’s estimates.
Russia’s overall oil shipments declined by 200,000 barrels per day (bpd) in November, the agency noted.
At the end of November, oil exports from Russia’s ports on the Black Sea were disrupted as shipping was restricted due to storms in the region. The storms affected the Caspian Pipeline Consortium (CPC) oil terminal on Russia’s portion of the Black Sea, and it also halted loadings at the Novorossiysk facilities for several days.
Moreover, Russian crude export prices declined sharply in November, the IEA said, with the flagship Urals crude grade falling below the $60 per barrel price cap on December 6 amid plunging international benchmarks.
The price of Urals crude loaded from Russia’s Baltic Sea port of Primorsk fell to $56.15 a barrel, while the price of Urals at the Novorossiysk port in the Black Sea slumped to $56.55, Bloomberg reported last week citing data from Argus Media.
The West is considering toughening up the sanction enforcement on evaders of the price cap on Russian oil.
In October, the United States took a tougher stance on the sanctions against Russia and sanctioned two vessels for violating the price cap. A month later, the U.S. imposed sanctions on three maritime companies based in the UAE and three vessels owned by the companies for shipping Russian oil sold above the price cap.
By Charles Kennedy for Oilprice.com
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