MOSCOW, January 18. /TASS/. Russia increased exports of oil and petroleum products by 500,000 barrels per day (bpd) to 7.8 million bpd in December 2023, which is a record over the past nine months, the International Energy Agency (IEA) states in its January report.

According to the IEA, oil supplies increased by 240,000 bpd by November, to 5 million bpd and exports of petroleum products increased by 260,000 bpd.

Russia’s revenues from oil exports fell to a six-month minimum and amounted to $14.4 billion. The agency attributes the decrease in revenue to an increase in the discount on Russian Urals oil and a decline in Brent oil prices.

According to data provided by the IEA, in December, Russia reduced oil production by 20,000 bpd compared to November to 9.48 mln bpd.

In August 2023, Russia announced a reduction in oil supplies to world markets by 500,000 bpd. From September to December 2023, supplies were cut by 300,000 bpd.

In November, Deputy Prime Minister Alexander Novak said that Russia had decided to reduce oil and fuel supplies by 500,000 bpd up from 300,000 bpd. This measure will last until the end of March 2024. Russia planned to begin increasing supply cuts as early as December, and from January 2024 it intends to fully fulfill its obligations to voluntarily reduce oil and fuel supplies.