Russia boosts revenues from oil exports 6.4% MoM in June; slight decline in sales - IEA

MOSCOW. July 11 (Interfax) - Russia boosted revenues from oil exports 6.4% month-on-month, $800 million, to $13.6 billion in June, though down 13.7% year-on-year to $2.16 billion, the International Energy Agency (IEA) said.

The volume of oil and petroleum product exports decreased by 100,000 bpd (1.4%) compared to the previous month to 7.23 million barrels per day at 290,000 bpd, down 3.9% year-on-year.

Russian oil exports totaled 4.68 million bpd in June, up 10,000 bpd month-on-month, though 200,000 bpd fewer than in June 2024; and petroleum products totaled 2.55 million bpd, though 110,000 bpd fewer than in May, and 90,000 bpd fewer than in June 2024.

Russian crude prices averaged below the $60/bbl cap in June despite a 10-day trend above it. The rise in prices outpaced that of North Sea Dated crude as supply concerns fueled buying and the sour crude market remained tight. Notably, Urals prices in Indian ports (DAP West Coast India) were nearly in line with Dubai crude, the IEA said in the report.