MOSCOW, August 13. /TASS/. Russia’s oil exports decreased by 280,000 barrels per day (bpd) in July to 7.4 million bpd, which is the lowest level since August 2023, according to the August report of the International Energy Agency (IEA).

However, revenues from exports grew by $880 million, to $17.12 billion, due to higher costs.

In July, Russian oil exports fell by 290,000 bpd, to 4.8 million bpd, but were 170 thousand bpd higher than in July 2023. And although oil product deliveries fell by 300,000 bpd year-on-year, they remained virtually unchanged from the previous month. The IEA notes that higher refining levels coincided with high seasonal demand.

Revenues from oil product exports increased by $260 million to $6 billion, while oil deliveries increased by $620 million to $11.12 billion.

The IEA notes that the decline in oil exports mainly reflects an annual increase in refining after refineries were repaired. According to the IEA, oil refining in Russia increased by 280,000 bpd in July. The decline in Russian oil exports had the greatest impact on India, the agency says.

The agency noted that Ukraine's restrictions on Lukoil oil transit via pipeline did not disrupt supplies to Eastern Europe in July. Total oil exports via pipeline and rail totaled about 1.48 million bpd, the IEA said.

According to the IEA, the price of Russian Urals export oil rose by $4.4 in July compared to June, to about $72 per barrel. The discount of Urals to Dubai blend, which is supplied to the west coast of India, narrowed to $1.84 due to lower Russian oil exports.