russia's oil export revenues fell to $13.1 billion in October

This was reported by the International Energy Agency (IEA), according to Reuters.

According to the IEA, in October and November, exports of petroleum products fell to 40,000 barrels, or 2.3 million barrels per day, the lowest level since 2017, which exacerbated the shortage on international markets.

At the same time, total exports of both oil and petroleum products in October fell by 150,000 barrels to 7.4 million barrels per day.

The decline is attributed to lower export volumes and energy prices, as well as US sanctions against Rosneft, Lukoil and their subsidiaries. Another reason for the decline is Ukrainian drone attacks on russian refineries and pipelines, Reuters writes.

To compensate for the losses, Moscow is creating new companies for its shadow fleet. In October, three new exporters appeared in russia — MorExport, RusExport and NNK. Together, they transported about one million barrels of oil per day.

At the same time, production has remained virtually unchanged, according to the IEA. In September and October, russia produced 9.28 million barrels of oil per day — just 20,000 barrels below the target set by OPEC+, a group of leading global oil producers.

However, even a slight decrease means that russia cannot increase production yet.

Source: Babel, Reuters