Russian petroleum revenue fell 1.2%, exports 1.3% in June - IEA

MOSCOW. July 11 (Interfax) - Russian petroleum exports fell by 160,000 barrels per day or 1.3% to 7.6 million bpd in June from 7.7 million bpd in May, mainly due to a drop for petroleum products, with revenue falling $190 million or 1.2% to $16.7 billion from $16.9 billion, the International Energy Agency said.

Export revenues were $3.1 billion higher than in June last year.

Oil exports fell from 5 million to 4.9 million bpd and were 0.1 million bpd lower than a year ago. Supplies of petroleum products decreased from 2.8 million to 2.6 million bpd and were 0.2 million bpd lower than a year ago.

Supplies to major buyers decreased: China reduced purchases from 2.3 million to 2 million bpd - the figure was 0.4 million bpd lower than a year ago; India from 2 million to 1.6 million bpd (0.4 million bpd lower year-on-year); Turkey from 0.9 million to 0.7 million bpd (unchanged); and the Middle East from 0.9 million to 0.8 million bpd (0.2 million bpd lower).

Supplies to "unknown" destinations rose 0.9 million bpd to 1.3 million bpd and were 1.3 million bpd higher than a year ago.

The price of Urals oil over the past month increased by $2.2 to $67 per barrel and was higher than the price cap imposed by G7 countries. The Russian ESPO oil discount against Dubai remained unchanged for the month at about $6.1 per barrel, while the Urals discount against Dubai for delivery to the west coast of India to Dubai narrowed by $1.7 per barrel to $4.07 per barrel.

The cost of Russian petroleum products changed in with international sales trends in Europe. Prices for premium petroleum products were below the price cap ($100 per barrel), while prices for lower quality products were above it ($45 per barrel). The reduction in supplies of VGO (by 96,000 bpd), LPG (by 10,000 bpd), naphtha (by 63,000 bpd) and gasoline (by 11,000 bpd) exceeded the increase for gas oil (by 41,000 bpd) and fuel oil (by 17,000 bpd).