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Russia reduces oil exports by 450,000 bpd in April, revenues - by 6.5% to $17.2 bln — IEA

Oil production in Russia in April amounted to 9.3 mln bpd compared to 9.45 mln bpd, decreasing by 1.6% or 150,000 bpd, the report said

MOSCOW, May 15. /TASS/. Russia reduced oil exports by 450,00 thousand barrels per day (bpd) in April to 7.3 mln bpd, mainly due to a reduction in supplies of petroleum products, according to the International Energy Agency (IEA). As a result, revenues from oil exports decreased by 6.5% to $17.2 bln, the agency said.

According to the IEA, oil exports decreased by about 0.1 mln bpd in April and reached 5 mln bpd, oil products - by around 0.4 mln bpd to 2.3 mln bpd. At the same time, revenues from oil exports remained stable due to higher prices, while revenues from oil products decreased by 18% due to lower volumes of supplies and prices. Average oil export prices exceeded the G7 price cap, the report said.

Oil production in Russia in April amounted to 9.3 mln bpd compared to 9.45 mln bpd, decreasing by 1.6% or 150,000 bpd, the report said. At the same time, the IEA noted that this volume is still 200,000 bpd below the expected target under the OPEC+ agreements.