Russian oil revenues drop in October
Russia's oil export revenues fell by $25 million to $18.34 billion in October due to falling international oil prices, the International Energy Agency (IEA) said on Tuesday .
Lower benchmark crude prices more than offset the narrowing discount for Russian crude grades versus North Sea Dated, the agency said in its latest oil market report released today.
In terms of volumes, total Russian oil exports fell by 70,000 barrels per day (bpd) in October compared to September, and averaged 7.5 million bpd last month, due to lower exports of refined products that more than offset higher crude oil exports, according to the IEA. estimates.
Russia's ban on fuel exports affected product shipments in late September and early October. Russia has imposed a three-week ban on diesel exports to countries other than four former Soviet states: Belarus, Armenia, Kazakhstan and Kyrgyzstan.
Moscow partially lifted the ban on diesel exports on October 6, and sea exports resumed shortly thereafter. The ban has been lifted on exports of diesel and diesel fuel delivered to seaports via pipelines, provided the diesel producer supplies at least 50% of the diesel to the domestic market.
The temporary ban on Russian diesel exports and heavy refinery maintenance are estimated to have reduced Russian diesel exports by sea by 11% in October compared to September.
Apart from gasoline and vacuum gas oil (VGO), prices of all other Russian crude oils and products were above the G7 price limits, the IEA said in Tuesday's report. “The US Treasury's first sanctions imposed under the G-7 price cap contributed to slightly weakening Russian crude prices in the second half of the month due to rising shipping costs,” the agency added.
Following the implementation of tougher sanctions, shipping rates for transporting Russian crude oil have increased, oil traders told Reuters .
Earlier this month, Russian government data showed that the average price of Russia's flagship Urals crude was $81.52 per barrel in October 2023. This is higher than the average price of crude Urals for the same month last year, 70.62 dollars per barrel.
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This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/a-ottobre-calano-gli-incassi-russi-dal-petrolio/ on Wed, 15 Nov 2023 08:00:32 +0000.