Russia’s revenue from sales of crude oil and oil products declined in August to one of the lowest levels seen since the start of the conflict in Ukraine, the International Energy Agency said on Thursday.
Russia’s energy industry has been challenged by Ukrainian drone strikes on oil refineries and export pipelines as well as Western sanctions.
The IEA said the revenues fell by $920 million from July to $13.51 billion following a decline in crude oil and fuel exports as well as the widening discount to the Russian flagship Urals oil blend’s price to around $56 per barrel, below the Western-imposed price cap of $60 per barrel.
“Russia’s oil export revenues remain near five-year lows, reducing tax revenues and exacerbating Russia’s economic slowdown,” the Paris-based IEA said.
Russian oil and fuel exports eased by 70,000 barrels per day to 7.3 million bpd in August as crude fell 30,000 bpd and products 40,000 bpd, according to the agency.
The IEA also said that Russian oil production declined last month by 30,000 bpd to 9.3 million bpd, in line with the output quotas set by the Organization of the Petroleum Exporting Countries and its allies, a group, known as OPEC+.
