The International Energy Agency reports that Russia reduced its exports of crude and petroleum products by about 200 thousand barrels per day in November. This forecast was published by the IEA in December as part of its market assessment.
During the same period, export revenues declined by 17 percent from the October level, totaling roughly $15.2 billion. The revenue drop occurred alongside lower global prices for Russian crude. The IEA notes that on December 6, the price of a barrel of Urals fell beneath the $60 mark, which aligns with the price ceiling set by Western nations.
The agency also observed that revenue declines were uneven, with oil accounting for a larger drop than oil products. By October, oil revenue had slipped by about $2.4 billion, while revenues from oil products fell by around $800 million. In November, Russia’s oil output stood at 9.5 million barrels per day, a decrease of about 30 thousand barrels per day compared with October.
Deputy Prime Minister Alexander Novak stated in November that Russia would intensify reductions in oil production and exports, moving from a planned 300 thousand barrels per day cut to a deeper 500 thousand barrels per day reduction.
Previously, the IEA indicated that Russia’s oil export earnings in October had declined, though an uptick of roughly $25 million brought October revenue to approximately $18.34 billion.
Industry observers note that these trends reflect a combination of Western policy measures, evolving market demand, and the ongoing impact of price controls on Urals. Analysts expect further adjustments as market conditions and policy responses evolve through the end of the year and into the next.