![Bloomberg: Russia's oil export revenues fall to lowest level since February](https://img.unn.ua/img/2024/09/10/1725996688-1605-large.webp)
Bloomberg: Russia's oil export revenues fall to lowest level since February
Kyiv • UNN
The drop in oil prices has led to a decline in Russia's oil revenues to the lowest level since February. The average four-week volume of oil exports fell to 3.13 million barrels per day, and the value of exports dropped to $1.44 billion per week.
The fall in oil prices has pushed Russia's oil revenues to the lowest level since February, underscoring the challenges Moscow faces amid a weakening global market. Bloomberg reports UNN.
Details
The decline in prices has brought Russian Urals crude back to the $60 per barrel mark that the G7 countries had tried to impose as a sanction for the invasion of Ukraine. According to Argus Media, oil from Russian Baltic ports was trading at an average of $60.12 per barrel on Friday.
The four-week average oil supply fell to 3.13 million barrels per day, down 30 thousand barrels per day from the previous period. Weekly supplies, which are much more volatile, moved in the opposite direction, increasing by about 40 thousand barrels per day.
The fall in global prices has forced several OPEC+ member countries, including Russia, to postpone until December the easing of production restrictions that had been planned since October. This means that Moscow will actually have to cut production in October and November to compensate for exceeding the OPEC+ target earlier this year.
Oil supplies
According to ship tracking data and port agent reports, 29 tankers loaded 21.99 million barrels of Russian oil in the week to September 8, up from 21.67 million barrels on 29 vessels the previous week. This means that the daily marine supply of Russian oil for the week of September 8 increased by about 40 thousand barrels to 3.14 million.
The less volatile four-week average moved in the opposite direction, falling by 30 thousand barrels per day to 3.13 million compared to 3.16 million the previous week. Except for one week when it fell below 3 million barrels per day, supplies have been fluctuating between 3.13 and 3.25 million barrels per day since the beginning of July.
This year's oil supplies are 45 thousand barrels per day lower than the average for the whole of 2023.
Russia stopped setting export targets at the end of May, instead limiting production in line with its partners in the OPEC+ group. The country's production target is set at 8.978 million barrels per day by the end of November, after the planned mitigation of some production cuts was postponed for two months.
Export value
The total value of Russian oil exports dropped to $1.44 billion in the seven days to September 8, compared to $1.52 billion in the previous period to September 1. A slight increase in weekly shipments was more than offset by a drop in prices for the main Russian oil flows. This brought the weekly value of foreign supplies to its lowest level since January.
Prices for exports from Baltic ports decreased by $6.30 per barrel, while supplies from the Black Sea fell by about $5.90 per barrel. Prices for the key Pacific grade ESPO were down $2.70 from the previous week. Delivered prices in India also fell by $5.90 per barrel, according to Argus Media.
The four-week average revenue fell to its lowest level since February, at approximately $1.51 billion per week. The four-week average high of $2.17 billion per week was reached in the period through June 19, 2022.
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