Russia's petroleum export revenue falls $1.5 bln to $9.5 bln in Feb on lower shipments - IEA

MOSCOW. March 12 (Interfax) - Russia's oil and petroleum product export revenue was $9.5 billion in February 2026, down $1.5 billion from January 2026 and down $4 billion from a year earlier, the International Energy Agency said in its monthly report.

Oil exports averaged at 6.6 million barrels per day, which the IEA estimates to be the least since the beginning of 2022. The figure is 850,000 bpd lower than the previous month and 780,000 bpd lower than in February 2025.

Russian oil exports fell 410,000 bpd in February compared to January, to 4.21 million bpd. They were also 450,000 bpd lower than the previous year. Petroleum product exports fell 440,000 bpd compared to January and 330,000 bpd compared to February 2025, to 2.41 million bpd.

The IEA said Russian oil exports in February were affected by a suspension of shipments via the Druzhba pipeline to Hungary and Slovakia, as well as a drop in supplies to India. Russia's seaborne oil exports fell 440,000 bpd compared to January, to 2.4 million bpd.

Russian petroleum product shipments fell primarily due to a reduction in gasoil exports by 170,000 bpd and fuel oil exports by 220,000 bpd. Shipments of Russian gasoline, following a two-month embargo, totaled 20,000 bpd in February.

The Urals FOB Primorsk crude price rose $2.75 per barrel in February to $42.81 per barrel, remaining below the EU's new price cap of $44.1 per barrel. Petroleum products also increased in price: gasoil by $5.89 to $71.01 per barrel, and fuel oil by $2.75 to $31.56 per barrel.

The conflict in the Middle East is having a significant impact on the price of Russian oil. The IEA estimates Urals FOB Primorsk rose $17.35 per barrel from February 27 to March 10 to $58.29 per barrel. The discount to the benchmark North Sea Dated (NSD, including Brent, Forties, Oseberg, Ekofisk and Troll, as well as the U.S. Midland WTI) remained virtually unchanged.

The IEA says approximately 12.2 million barrels of Russian oil are currently at sea, of which approximately 3.6 million barrels are off the coast of India, which on March 5 received permission from the U.S. to purchase crude from Russia over the next 30 days. Another 46.5 million barrels of Russian oil are in transit with destination unknown.