13 Jun 2024 12:28

Russia's oil exports in May up 100,000 b/d, revenues down 3.4%, but still $2.4 bln higher YoY - IEA

MOSCOW. June 13 (Interfax) - Russia increased exports of crude and petroleum products by 100,000 barrels per day (b/d) to 7.7 million b/d in May compared to April, while revenues declined by $0.6 million to $16.8 billion prompted by lower oil prices, the International Energy Agency (IEA) said in its monthly report published on Wednesday.

At the same time, Russia's revenues from crude and petroleum product exports were still $2.4 billion more than in May 2023.

In particular, crude exports dropped by 100,000 b/d to 5 million b/d, while exports of petroleum products grew by 200 b/d to 2.7 million b/d.

China reduced the amount of products purchased from Russia by 100,000 b/d to 2.2 million b/d, and the amount sold to India dropped by 0.8 million b/d to 1.5 million b/d. Shipments to the European Union and Turkey stayed at the level of 0.4 million b/d and 0.8 million b/d, respectively.

According to the IEA's estimates, Russian crude (Urals, Siberian Light, and Espo) averaged at $70.08/barrel in May compared to $77.2/barrel in April, and the discounts to the benchmark North Sea Dated (Brent) oil blend declined to $11.77/barrel in May from $12.8/barrel in April.