Russia's oil export revenues have fallen to their lowest level since February amid slightly lower supply volumes. This was reported by Bloomberg with reference to data from the International Energy Agency, UNN reports .
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In June, the country earned $16.7 billion from oil exports, which is 1.2% less than a month earlier. However, the country's revenues from oil exports jumped by almost 23% compared to last year.
It is noted that the monthly decline in revenues was due to the fact that Russian oil and oil products exports in June fell to 7.6 million barrels per day from 7.7 million barrels per day a month earlier.
In June, the weighted average price of Russian oil rose slightly to USD 70.39 per barrel from USD 70.05 in May, but the price increase did not compensate for the decline in export flows.
Russian barrels continued to trade well above the $60 price cap imposed by the Group of Seven industrialized countries in response to the Kremlin's invasion of Ukraine,
In June, oil taxes brought in about $6.7 billion to the Russian budget, almost 50% more than a year ago. Compared to May, revenues fell by 6.6% due to a drop in the price of Urals crude, Russia's main export commodity.