Russia sees revenues from oil exports drop 7% MoM in Nov on decreased volumes, down $1.6 bln from previous year - IEA

MOSCOW. Dec 12 (Interfax) - Russia cut exports of oil by 120,000 barrels per day, or 1.6%, to 7.33 million bpd in November, namely 4.88 million bpd of oil and 2.45 million bpd of petroleum products, and revenues dropped 7% month-on-month to $14.56 billion, the International Energy Agency (IEA) said in its monthly Oil Market Report for December.

Revenues from oil sales declined 7.8% month-on-month and 10.2% year-on-year to $9.6 billion in November, and revenues from sales of petroleum products dropped 6.3% month-on-month and 9.7% year-on-year to $4.9 billion.

The drop of $1.1 billion month-on-month in revenues from oil exports in November, namely by $800 million from oil and by $300 million from petroleum products, is owing to decreased sales volumes, as well as to a drop in prices. Oil prices fell by $1.2 per barrel, gasoline by $0.8/barrel, naphtha by $3/barrel, and fuel oil by $5.45/barrel, while prices for diesel, gas oil, and vacuum gas oil were unchanged on average. Revenues from oil exports dropped $1.6 billion year-on-year.

The IEA said that the decline of 100,000 bpd in oil exports was reflected in increased refinery productivity, with several refineries completing maintenance, notably Tuapse on the Black Sea.

The IEA in the monthly report said that the UK announced ahead of the G7 meeting in November new sanctions against 30 tankers and two Russian insurers in an attempt to curb oil exports from the country. Kpler data indicate that the recently sanctioned shadow tankers have shipped an average of over 270,000 bpd of oil and petroleum products from Russia this year.