• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day The United States produced more crude oil than any nation, at any time.
  • 7 days e-truck insanity
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 7 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 10 days Bankruptcy in the Industry
Oil Traders Turn Bears Fast and Furiously

Oil Traders Turn Bears Fast and Furiously

Negative sentiment persists in oil…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Russia Sees Extra $6.4 Billion Oil Revenue In June As Prices Rally

  • Russia's Finance Ministry expects $6.37 billion in additional oil revenue in June.
  • Russian oil exports haven’t fallen off a cliff, while it continues to sell natural gas to most of the EU.
  • Russian crude exports could drop if the EU's sixth' sanctions package is fully implemented.
Russian wealth fund

Russia expects to receive as much as $6.37 billion in additional oil and gas revenues in June, its finance ministry said on Friday, as energy commodity prices have rallied since the Russian invasion of Ukraine.

According to estimates released on Friday by the Finance Ministry, Russia expects its additional revenue from oil and gas sales to be 393 billion rubles, or $6.37 billion, this month. Additional budget revenues are expected at $10.66 billion (656.6 billion rubles) for the months of May and June because of the higher-than-expected oil prices, Russia said.

Russia has been benefiting from the energy commodities rally, which intensified after the invasion of Ukraine. Despite Western sanctions designed to hurt Russia’s oil revenues and war chest, Moscow is still getting a lot of additional billions of U.S. dollars in oil and gas revenues.

So far, Russian oil exports haven’t fallen off a cliff, while it continues to sell natural gas to most of the EU, including to some of the biggest consumers and economies such as Germany and Italy.

However, under the sixth sanctions package from the EU, Russian oil exports could drop further as the EU is currently endorsing a ban on Russian oil imports via sea that also aims to cut Russia off the tanker insurance market and limit its ability to redirect seaborne oil exports to third countries.  

Russia said this week its oil production would rebound in June and expressed confidence it would be able to find new markets for its oil.

Russia is boosting exports to India and China, but analysts doubt the Asian market would be able to absorb all the 4 million bpd of oil Russia was sending to Europe before the war. 

Russia could see between 2 million bpd and 3 million bpd of its oil exports—or about a quarter of the country’s oil production—disappear from the global market by end-2022, Fitch Ratings said on Wednesday.

“We believe that redirecting of all Russian oil and products volumes may not be possible due to infrastructural limitations, buyers’ self-restrictions and logistical complications, such as potential restrictions on providing insurance for cargos carrying Russian oil,” Fitch added. 

By Tsvetana Paraskova for Oilprice.com


More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • Mamdouh Salameh on June 04 2022 said:
    Every time the inept EU and other Western countries talk of more sanctions on Russian oil or gas exports, the prices of both shoot up higher. This suits President Putin admirably. The EU and other Western countries will continue to pay crippling energy bills while President Putin laughs all the way to the bank.

    China and India the world’s largest and third-largest economies based on purchasing power parity (PPP) account between them for 26% of globally-traded oil. Their energy market is far bigger than the EU. Therefore, they can easily absorb the EU's unwanted Russian crude imports.

    The author continues to repeat untruths about a decline of 2-3 million barrels a day (mnd) of Russian exports or a quarter of the country’s production despite evidence to the contrary. By repeating them time and again, she is abetting the spread of untruths.

    In fact, reliable evidence suggests that Russian exports haven’t declined at all despite the sanctions while its production has rebounded to 11.0 mbd in June.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News