Russia’s oil revenues fell to the lowest level in eight months: the reason
Last week, Russian oil supplies fell to their lowest level since July, reducing Russia’s revenue to its lowest level in eight months.
This is reported by the Bloomberg agency.
The four-week average of oil exports fell to 3.1 million bpd in the week to September 22, down 115,000 bpd from the previous period. Weekly volumes, which are more volatile, fell by about 390,000.
A four-day outage at the Kozmino export terminal on Russia’s Pacific coast indicates that maintenance at the port or the pipeline that supplies it has caused a sharp drop in eastbound oil flows from the country.
Gross revenue fell to its lowest level since late January on both a weekly and four-week basis as lower volumes outweighed the first increase in three weeks for Russia’s Urals crude. This increase of $3 a barrel brought the price of the mark back above the threshold of $60, which the G7 countries sought to impose as sanctions against Moscow over the invasion of Ukraine.
The US is also increasing pressure on the Kremlin due to the recent drop in oil prices. The US Treasury Department’s Office of Foreign Assets Control has asked at least one insurance company to provide information on 14 companies suspected of violating Russian oil sanctions.
Russia’s average crude output fell to 5.28 million barrels per day from September 12 to 18, the lowest weekly reading since late June, as Russian refineries began seasonal maintenance.
