Russia reduces oil exports slightly to 7.8 mln bpd in May, revenues decline to $13.3 bln - IEA

MOSCOW. June 14 (Interfax) - Russian exports of oil and petroleum products declined by 260,000 barrels per day month-on-month to 7.8 million bpd in May, nearly unchanged compared to last year, the International Energy Agency (IEA) said in its monthly Oil Market Report.

"Russian oil exports dropped by 260,000 bpd in May to 7.8 million bpd, largely unchanged from a year ago. Crude oil exports rose by 90,000 bpd to 5.2 million bpd while product exports slumped by 350,000 bpd to 2.6 million bpd. China and India accounted for at least 56% of total Russian exports, while shipments to Africa, the Middle East and Latin America comprised another 12%. Estimated export revenues fell by $1.4 billion to $13.3 billion, down 36% on a year ago, with average crude prices easing from $60 per barrel in April to $55/bbl in May," the IEA said in the report.

The IEA said that Russian oil production, excluding condensate, totaled 9.45 million bpd in May compared to 9.6 million bpd in April. However, the IEA cited secondary sources who report that May's figure was only 370,000 bpd below the level of February's 9.83 million bpd, from which Russia had planned to cut output by 500,000 bpd starting in March, then extend the reduction until July, and then until the end of the year.