MOSCOW, September 13. /TASS/. Russia’s oil export revenues surged by $1.8 bln to $17.1 bln in August 2023 as higher prices more than offset lower shipments, according to the International Energy Agency’s (IEA) report.

Led by a decline in product shipments, total Russian oil exports eased by 150,000 barrels per day last month to 7.2 mln barrels per day. Shipments to China and India slumped to 3.9 mln barrels per day in August from 4.7 mln barrels per day in April and May but accounted for more than half the total volumes, the agency said.

In March, Russia started voluntarily reducing oil production by 500,000 barrels per day from the February average. The reduction was extended later to June and finally until the end of the year. After the OPEC+ meeting on June 4 in Vienna the decision on voluntary output cut was extended until the end of 2024.

Russia also started reducing crude deliveries to global markets by 500,000 barrels per day additionally to production cut obligations in August, whereas in September it started cutting supplies by 300,000 barrels per day. The decision on reduction of deliveries by 300,000 barrels per day was extended by the end of the year at the beginning of September.