• 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
  • 16 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days They pay YOU to TAKE Natural Gas
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 3 days What fool thought this was a good idea...
  • 6 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 1 day A question...
  • 12 days The United States produced more crude oil than any nation, at any time.
Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

Russia’s Oil Revenues Slump to the Lowest Level since July

  • IEA: Russia's oil revenues dropped in November. 
  • IEA: Russia’s export revenues for crude and oil products fell by 17% month-on-month in November to $15.2 billion.
  • Russia’s overall oil shipments declined by 200,000 barrels per day (bpd) in November, the agency noted.
Kozmino

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

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

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