Russia's oil export revenues fall $2B in July

Russian oil exports in July fell by 115,000 barrels per day (b/d), to 7.4 million b/d. Russia's oil export earnings also fell by $2 billion from $21 billion to $19 billion amid reduced supplies and lower oil prices, according to the August report of the International Energy Agency (IEA), Report informs referring to TASS.

Oil exports from Russia to the US, the EU, the UK, Japan and South Korea have fallen by 2.2 million b/d since the outbreak of hostilities in Ukraine, but two-thirds of these volumes have already been diverted to other markets. Among the directions for the supply of Russian oil, the IEA names India, China and Turkiye.

In July, Russia's oil production was just 310,000 b/d below its pre-conflict levels in Ukraine, while exports were down 580,000 b/d from that level, the IEA said.

At the same time, the agency admits that after the entry into force of the EU embargo on the import of Russian oil, its supplies to the world market may be reduced more. According to the IEA, the Russian Federation will have to find new markets for 1 million b/d of oil products and 1.3 million b/d of oil.