Russian oil revenues fell by 14% in June - IEA

The International Energy Agency (IEA) reported on Friday that Russia's revenue from oil and oil product sales in June decreased by almost 14% compared to last year, amounting to $13.57 billion, UNN reports with reference to Reuters.

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Global oil prices have fallen this year under pressure from economic uncertainty and increased production by OPEC+ countries - OPEC and allies, including Russia.

Russia's oil production, however, remained virtually unchanged last month at 9.2 million barrels per day, and oil shipments remained stable at 4.68 million barrels per day, the IEA reported. Oil product exports decreased by 110,000 barrels per day to 2.55 million barrels per day.

Supply volumes of both crude oil and oil products in June remained close to a five-year low.

"The deterioration in exports persisted for most of 2024 and 2025 and to this day and calls into question Russia's ability to maintain its production capacity," the IEA said in its monthly report.

It stated that Russian oil prices in June were below the Western-imposed price cap of $60 per barrel, despite a tendency to exceed this level for a 10-day period. The price increase outpaced that of North Sea Dated oil, as supply concerns led to increased oil purchases, and tensions persisted in the sour crude markets.

Four European diplomats told Reuters that the European Commission is expected to propose a floating price cap on Russian oil as part of a new draft sanctions package.

While Russia is meeting the OPEC+ production target, Kazakhstan has repeatedly exceeded the agreed limits.

According to the IEA, Kazakhstan's oil production increased by 70,000 barrels per day month-on-month to 1.9 million barrels per day in June, which is almost 500,000 barrels per day above the OPEC+ target and almost matches the production level of 1.88 million barrels per day, an industry source told Reuters last week.

Oil prices rise amid potential US sanctions against Russia11.07.25, 10:39 • 4227 views