Russia’s oil export revenues have fallen by almost 30% since the end of June due to falling prices despite a slight increase in supply volumes. This was reported by Bloomberg.
The agency said the four-week average of crude oil exports in the week to September 15 rose by 80,000 bpd from the previous period to 3.21 million bpd.
But the price of Russian Urals crude fell for the second time in a week, falling by more than $3 a barrel. The weekly average price has fallen below the $60 a barrel threshold that the G7 countries are seeking to impose on Russia as punishment for its invasion of Ukraine in 2022.
The total value of Russia’s crude oil exports fell to $1.42 billion in early September from $1.44 billion in the previous period, while average monthly income fell to about $1.5 billion a week, at its lowest level since February.
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Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.