Russian oil revenues fell by $1.5 billion month on month to $11.8 billion in June, the lowest level since January 2021, according to the International Energy Agency’s (IEA) latest oil market report on Thursday.
Russian oil exports fell by nearly 600,000 barrels per day (bpd) in June to 7.3 million bpd, the agency said.
With estimated oil export revenues falling to the lowest level last month since January 2021 by $1.5 billion month on month to $11.8 billion, the agency attributed the decline to lower crude exports as many refiners ended turnarounds and some fields entered summer maintenance.
The report also disclosed that Russian crude prices rebounded in June and exceeded the price cap in early July.
Russian seaborne crude export prices increased by $0.70 a barrel from May to $55.62 a barrel in June, which is still below the G7 price cap.
According to the report, falling Russian oil exports and revenues may lead to tighter global oil supplies and higher prices if other producers do not increase their output to compensate
