In January 2023, the physical volume of oil exports from Russia increased by 400 thousand barrels per day (b/d) compared to December last year and reached 8.2 million barrels/day, while export revenues increased by 0.7 billion dollars to 13 billion dollars. . TASSHe refers to the February report of the International Energy Agency (IEA).
According to the document, Russian oil exports increased by 300,000 barrels per day last month, despite a decline of 450,000 barrels per day in supplies to EU countries. Export volume of petroleum products was realized at the level of December – 3.1 million barrels/day. At the same time, tax revenues from the Russian Federation’s oil industry fell 48% year-on-year in January to $4.2 billion (or up to 310 billion rubles) due to the reduction in Ural oil. Export earnings, on the other hand, decreased by 36% compared to January of the previous year, despite growth compared to December 2022.
According to the IEA, oil production in Russia was just 160,000 barrels per day lower in January than before the start of the special military operation in Ukraine. And the volume of non-gas condensed oil production rose 40,000 bpd to 9.77 million bpd, a slight decrease from December.
According to IEA experts, Moscow’s decision to reduce oil production by 500,000 barrels a day in March is an attempt to support prices for the Urals. Thus, according to the data cited in the agency’s report, the average price of the Urals was $49.48/barrel in January, while the cost of oil from the North Sea was $82 per barrel.
Kadri Simson, former European Commissioner for Energy statedHe said that the message of the Deputy Prime Minister of the Russian Federation Alexander Novak in March 2023 on plans to reduce oil production in Russia by 500,000 barrels per day was imposed by the sanctions of Western countries. According to him, this measure should not lead to an increase in raw material stock prices.
Prior to that, Tamara Safonova, Managing Director of the Oil and Gas Industry Independent Analytical Agency, saidRussia expanded its fuel geography and supplied half of its petroleum products to friendly countries on the eve of the EU embargo in January.