15 May 2024 11:38

IEA: Revenues from Russian oil exports increased in April 11% YoY, with volumes down 10%, and oil production above OPEC+ target

MOSCOW. May 15 (Interfax) - Russian oil exports decreased 6.4% in volume in April versus March to 7.3 million barrels per day (bpd), revenues decreased 6.5% to $17.2 billion, and oil production (9.3 million bpd) was 200,000 bpd above the target set within OPEC+, the IEA said in its monthly report.

Meanwhile, oil exports dropped 100,000 bpd versus March to 5 million bpd, which corresponded to the level of April 2023; exports of petroleum products decreased by 400 thousand b/d - to 2.3 million b/d (by 800 thousand b/d less than a year ago).

Revenues from oil exports remained at approximately the same level, as high prices compensated for the decline in supplies, while revenues from exports of petroleum products fell 18% due to lower volumes and prices, the IEA said.

Compared to last year, total oil exports decreased 800,000 bpd (9.9%), while revenues were $1.7 billion higher (11%) than in April 2023.

Average export prices for all types of Russian oil in April increased versus the previous month, exceeding the price limit of the G7 countries. Discounts to Dubai Crude for Urals crude supplied to India's west coast remained stable, reflecting the relative competition between the two grades.

Export prices for Russian petroleum products increased compared to the previous month, with the exception of naphtha and diesel fuel. Prices for premium products remained below the price cap set by the G7, while prices for low-margin petroleum products exceeded the price cap. Petrol, VGO and fuel oil prices increased while naphtha, gasoil and diesel remained unchanged in line with international market trends. Gas oil accounted for approximately half of the decline in product export volumes, and the rest was distributed evenly among other products, IEA analysts said.

Oil production in Russia decreased 150,000 bpd in April to 9.3 million bpd, which is 200,000 bpd higher than the figure expected under the OPEC+ agreements. Oil production with condensate and natural gas liquids totaled 10.7 million bpd (versus 10.9 million bpd in March).