Russia’s oil revenues increase in August owing to rising prices

Russia’s oil export revenues reached $17.1 billion in August, reaching the highest level since October 2022, according to a report released by International Energy Agency (IEA) on Wednesday.

Russia exported a total of 7.2 million barrels per day (bpd) of oil, of which 4.8 million bpd was crude and 2.4 million bpd refined products.

Although its total oil exports were 100,000 bpd lower than in July, the country increased its revenue by $1.8 billion, benefitting from the increase in prices.

Russia’s income in August, however, was $1.6 billion less compared to the same month last year.

Price of Brent oil recorded 14% monthly gain in July, fluctuating between $74.56 a barrel and $85.80 a barrel.

Brent hit $88.10 a barrel in August, recording more than 18% increase from July’s lows.

China and India, which significantly increased their oil imports from Moscow after the Ukraine war, were the largest buyers of Russian oil in August.

• International Energy Agency
• Oil Export
• Russia