• 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
  • 2 hours How Far Have We Really Gotten With Alternative Energy
  • 9 days What fool thought this was a good idea...
  • 1 hour Bad news for e-cars keeps coming
  • 8 days A question...
  • 12 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 13 days They pay YOU to TAKE Natural Gas

Russia’s Oil Revenues Dip As Huge Discounts Offset High Exports

Lower oil prices and steeper discounts for Russian oil sent Russia’s oil revenues down in November despite the highest export volumes since April this year, the International Energy Agency (IEA) said on Wednesday.

Last month, total oil exports out of Russia rose by 270,000 barrels per day (bpd) from October to 8.1 million bpd in November, pushed up by higher diesel exports, the IEA said in its closely-watched Oil Market Report for December. Russian diesel exports increased by 300,000 bpd to 1.1 million bpd in November, two months before the EU embargo on seaborne imports of Russian products.

Total Russian exports in November stood at their highest levels since April 2022, the IEA said. However, Russia’s oil export revenues fell by $700 million to $15.8 billion due to wider discounts on Russian crude and lower international crude oil prices, according to the IEA’s estimates.

Russian oil prices saw steeper declines in November. Urals in Northwest Europe fell by nearly $30 per barrel to $43 a barrel by early December, well below the $60 per barrel price cap finally agreed by G7, Australia, and the EU, per IEA assessments.

Russia’s crude oil loadings were essentially little changed in November compared to October, at just over 5 million bpd, as record shipments to India offset lower exports to the European Union. Loadings to the EU dropped by 430,000 bpd to 1.1 million bpd, but exports to India hit a record of 1.3 million bpd, the IEA said.

Looking forward, another price rally may be in the making as the full effect of the bans on Russian exports takes effect early next year, according to the IEA.

“While lower oil prices come as a welcome relief to consumers faced by surging inflation, the full impact of embargoes on Russian crude and product supplies remains to be seen. As we move through the winter months and towards a tighter oil balance in 2Q23, another price rally cannot be ruled out,” the agency added.

By Tsvetana Paraskova for Oilprice.com


More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • George Doolittle on December 14 2022 said:
    This has nothing to do with the United States let alone Canada or Guyana or even more importantly Venezuela but either way great news for $slb former Slumberger and presumably Hess Petroleum as well.

    Long $ibm International Business Machines
    Strong buy
    "Breaking out to the upside" would be an understatement.

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