Russia's oil export revenues down by $1.9 bln in Nov to $11 bln due to reduced sales, prices - IEA
MOSCOW. Dec 11 (Interfax) - Russia's revenues from oil and petroleum product exports amounted to $10.97 billion in November, $1.92 billion less compared to October and down $3.59 billion year-on-year, the International Energy Agency (IEA) said in its monthly report.
Oil exports last month decreased by 420,000 barrels per day to 6.86 million bpd as buyers assessed the consequences and risks associated with the tightening of sanctions, which combined with lower prices led to a reduction in revenue to the lowest level since February 2022, experts said. Prices for Urals crude oil in the period under review fell by $8.2 per barrel to $43.52/b, while ESPO became cheaper by $5.49, down to $53.92/b.
Total oil exports decreased by 290,000 bpd month-on-month in November and amounted to 4.71 million bpd. However, pipeline supplies remained at the level of 1.25 million bpd. Petroleum product exports decreased by 130,000 bpd to 2.14 million bpd, down by 420,000 bpd YoY. Revenues from oil exports amounted to $7.06 billion (down by $1.64 billion MoM and $2.51 billion YoY), while from petroleum product exports they stood at $3.91 billion (-$0.28 billion MoM and -$1.08 billion YoY).
Discounts on Urals crude against North Sea Dated in November exceeded $20/b and were more than $24/b in early December, which is the highest figure since June 2023. The Urals DAP delta at India's West Coast against Dubai M1 increased by almost $2.6/b to -$5.8/b, as Indian buyers refused to purchase. This is the largest discount since June 2024, the report said. Export prices for Russian petroleum products increased compared to October - for gasoil +$2.1/b, diesel fuel +$2.7/b and gasoline +$2.2/b. But they decreased for vacuum gasoil (-$3.8/b), naphtha (-$3.3/b) and fuel oil (-$6.8/b).
The IEA estimates the decline in Russian oil production in November at 210,000 bpd to 9 million bpd, which is 500,000 bpd below the OPEC+ target. Refining recovered by approximately 100,000 bpd to 5.1 million bpd, despite the increasing frequency of attacks by Ukraine on infrastructure.
The EU and UK ban on imports of petroleum products from Russian oil produced in third countries comes into force in January 2026, which could further undermine production in Russia, the IEA said. Currently, the IEA has adjusted its expectation for Russian oil production in December to 9 million bpd, but maintains its overall forecast for 2026 at 9.3 million bpd until all of the consequences of the sanctions become clear.
