Russia: oil revenues grow in August. High prices pay off
Russian oil export revenues jumped to $17.1 billion in August, up $1.8 billion from July, as higher oil prices more than offset lower export volumes, the International Energy Agency (IEA) said in its September oil market report on Wednesday.
Oil prices began climbing into the $80-$85 per barrel range for Brent crude last month, before leaping towards $90 in early September after Saudi Arabia and Russia extended their oil supply cuts until the end of 2023.
Total Russian crude and fuel exports fell by about 150,000 barrels per day (bpd) since July, to 7.2 million bpd in August, led by lower product shipments, the IEA said. Export levels in August 2023 were 570,000 bpd lower than levels seen in August 2022.
Russia's oil exports to China and India slumped to 3.9 million barrels a day in August from 4.7 million barrels a day in April and May, but accounted for more than half of total volumes, the l 'IEA.
Higher international oil prices and narrower discounts of Russian crude grades to Brent have led to higher export earnings for Putin, despite lower sea shipments in August.
The price of Russia's flagship Urals crude averaged $74 a barrel in August, down slightly from August 2022, but well above the G7 price limit of $60 and above average. in July of 64.37 dollars a barrel, according to data from the Russian Ministry of Finance.
For comparison, the average price of North Sea dated Brent was $86.20 per barrel in August.
Between January and August 2023, the average price of the Urals was $56.58 per barrel, compared to an average of $82.13 per barrel for the same period in 2022, ministry data showed.
August was the second consecutive month that the average price of the Russian Urals exceeded the $60 ceiling set by the G7 and the EU if shipments of Russian crude to third countries outside the EU were to use insurance and financing Westerners.
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This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/russia-crescono-gli-incassi-petroliferi-ad-agosto-i-prezzi-alti-rendono/ on Thu, 14 Sep 2023 07:00:05 +0000.