All news

Russia’s oil exports down in June to lowest level since March 2021 — IEA

The agency also suggests that Russia’s output in August may remain at the previous level despite the announced reduction of exports by 500,000 barrels per day due to seasonal growth of oil demand on the domestic market

MOSCOW, July 13. /TASS/. Russia’s exports of oil and petroleum products fell by 600,000 barrels per day in June to 7.3 mln barrels per day, which is the lowest level since March 2021, according to the International Energy Agency’s (IEA) monthly report published on Thursday.

Revenues from Russia’s oil exports also dropped in June - by $1.5 bln to $11.8 bln, which is only half of revenues received a year ago.

The agency also suggests that Russia’s output in August may remain at the previous level despite the announced reduction of exports by 500,000 barrels per day due to seasonal growth of oil demand on the domestic market.

Russian Deputy Prime Minister Alexander Novak told reporters earlier that Russia had made a decision to voluntarily cut oil supplies to markets by 500,000 barrels a day in August through reducing exports.

A representative of the Ministry of Energy told TASS later that supplies would be lowered in addition to earlier assumed commitments on the voluntary production cut. Russia has been reducing output by 500,000 barrels per day from the February average since March 2023 and until the end of 2024.