An IEA-Tracked Look at Russia’s Oil Exports and Market Shifts (2023)

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In January 2023, Russia’s physical oil exports rose by 400 thousand barrels per day from December and reached 8.2 million barrels per day, while export earnings climbed by 0.7 billion dollars to a total of 13 billion dollars. This shift reflects a broader pattern reported in the February assessment by the International Energy Agency (IEA). According to that document, Russia managed to push its daily oil exports higher by 300 thousand barrels, even as deliveries to European Union members fell by about 450 thousand barrels per day. The same period saw petroleum product shipments steady at roughly 3.1 million barrels per day, paralleling December output, while fiscal revenues from the oil sector dropped sharply by 48 percent year over year to 4.2 billion dollars, or around 310 billion rubles, driven largely by a reduction in Urals oil grades. Yet export earnings, despite that revenue slump, also reflected a month-to-month uptick in December 2022, illustrating a complex pricing and logistics dynamic noted in the IEA’s review (IEA February 2023 report).

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