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Russian oil export down 230,000 bpd in May, revenues lose $480 mln — IEA

Russia’s crude production in May fell by 100,000 bpd to 9.17 mbd, according to the International Energy Agency

MOSCOW, June 17. /TASS/. Russia’s exports of oil and petroleum products fell by 230,000 barrels per day (bpd) in May to 7.3 mln barrels per day (mbd), while revenues from supplies decreased by $480 mln amid a total decline in global oil prices to $12.6 bln, International Energy Agency (IEA) said in its June report.

Revenues from Russian oil exports in May were at their lowest level since February 2021, while revenues from oil product supplies reached the lowest level since June 2023, the agency said.

Russia’s crude production in May fell by 100,000 bpd to 9.17 mbd, according to the agency. That said, Russia’s output was 170,000 bpd above the OPEC+ target considering voluntary adjustments and compensations, IEA experts said.