IEA: Russia’s oil and fuel export revenues fell to USD 13.1 billion in October

Russia’s revenues from oil and fuel sales fell by USD 2.3 billion year on year to USD 13.1 billion (about CZK 273 billion) in October. The decline was due to lower export volumes and prices, the International Energy Agency (IEA) said today. Exports of crude oil and petroleum products fell by 150,000 barrels per day to 7.4 million barrels per day, reversing the increase recorded in September.

Russia’s vital energy industry is under pressure from intensified Ukrainian drone attacks on oil refineries and pipelines. It is also being weakened by Western sanctions intended to reduce Moscow’s revenues used to wage war in Ukraine.

Washington increased pressure on Moscow in October by imposing sanctions on Russia’s largest oil producers, Rosneft and Lukoil. It set 21 November as the deadline for winding down transactions with the companies.

“Given that the country has demonstrated its ability to quickly establish new oil shipping companies and move larger volumes through its sanctioned fleet, the future course of Russian oil and petroleum product exports will depend on decisions by major buyers regarding enforcement and sourcing,” the IEA said.

JP Morgan said that around 1.4 million barrels of Russian oil per day, nearly a third of the country’s potential seaborne export capacity, remains on tankers, Reuters reported. Unloading is slowing, it said, because of sanctions imposed by the United States on Rosneft and Lukoil.