• 12 hours Oil Prices Surge Over 8% as Iran Retaliates With Major Missile Strike on Israel
  • 13 hours India Looks To Keep Domestic Rare Earth Supply at Home
  • 16 hours Pakistan Strikes Critical Win With Oil, Gas Wildcat Discovery
  • 18 hours Shippers on Edge Around Strait of Hormuz After Israel-Iran Escalation
  • 19 hours EU to Require EU Firms to Disclose Details of Russian Gas Contracts
  • 20 hours China’s LNG Imports Set for Rare Decline in 2025
  • 21 hours UK Firm Energean Halts Offshore Israel Production After Strikes on Iran
  • 22 hours EU Will Need $280 Billion Investment to Boost Nuclear Energy
  • 23 hours Iran Says No Damage to Oil Facilities From Israeli Strikes
  • 24 hours China Record Drives World EV Sales Up 24% in May
  • 1 day Oil Prices Soar After Israel Attacks Iran's Nuclear Facilities
  • 2 days Trump’s Big Beautiful Bill Could Hurt His Own Energy Agenda
  • 2 days Egypt Locks In Landmark LNG Import Deals With Aramco, Shell, and Trafigura
  • 2 days UK Pays Record Sums to Wind Power Generators to Switch Off
  • 2 days Alberta Plots New Oil Sands Pipeline to B.C. in Bid to Bypass U.S.
  • 2 days Russia Discusses Natural Gas Supply With China
  • 2 days Canada’s Trans Mountain Pipeline Could Boost Capacity by 2027
  • 2 days Supermajor TotalEnergies Boosts AI Use in Its Energy Strategy
  • 2 days Oil Prices Dip but Bullish Sentiment Remains
  • 2 days JERA to Triple U.S. LNG Imports
  • 2 days Guyana Prepares First Export Cargo from New Offshore Platform
  • 3 days WTI Spikes Nearly 5% as U.S. Embassy Prepares Iraq Evacuation
  • 3 days Trump Increasingly Skeptical about Nuclear Deal with Iran
  • 3 days Trump Claims China Will Supply Rare Earths to U.S.
  • 3 days Russia’s Oil Profits Tumble as Prices Fall and Sanctions Hit
  • 3 days Shell Set to Add 12 Million Tons of LNG Capacity by 2030
  • 3 days EU Set to Allow More Flexible Natural Gas Storage Targets
  • 3 days Hot Asian Summer Could Further Boost U.S. LNG Exports
  • 3 days German Startup Raises Record Funds to Advance Nuclear Fusion
  • 3 days OPEC Chief Claims Oil Demand Growth Is Here to Stay
  • 3 days GM Earmarks $4 Billion for New ICE Car Factories
  • 3 days Oil Prices Slip Despite U.S.-China Talks
  • 3 days Gasoline, Distillate Builds Spook Oil Markets
  • 4 days Putin Extends Russian Oil Export Ban to Price Cap Countries Through 2025
  • 4 days EIA Calls Peak Shale as Drilling Activity Declines
  • 4 days China’s Gas Firms Want Power Sector To Prop Up Demand
  • 4 days Japan Imports Russian Oil for First Time Since 2023
  • 4 days Permian Oil Producers Face Higher Costs With New Saltwater Rules
  • 4 days Saudi $5 Billion Loan to Nigeria Hangs in the Balance After Crude Prices Plunge
  • 4 days India Solar Power Generation Surges as Coal Makes a Rare Retreat

Russia’s Oil Exports Remained Steady As Revenues Rose In July

Russia’s crude oil and refined products exports remained steady at some 7.3 million barrels per day (bpd) in July, while higher oil prices and narrower price differentials for Russian crude pushed Moscow’s revenues higher compared to June, according to estimates by the International Energy Agency (IEA).

Russian crude oil loadings were estimated to have dropped by 200,000 bpd last month, but the lower crude exports were offset by higher exports of refined petroleum products, the agency said in its Oil Market Report (OMR) on Friday.

Russian crude oil exports to China and India accounted for 80% of crude exports, but shipments to the two key markets were lower than in June, according to the IEA.

Russia’s export revenues, at $15.3 billion in July, rose by $2.5 billion from June, but they were $4.1 billion lower compared to July 2022, the agency’s estimates showed.

The rise in oil prices last month pushed the price of Russia’s flagship crude grade, Urals, to above $60 per barrel for the first time since the G7 and the EU cap came into effect at the end of last year.

Strong demand in China sent the price of Russia’s ESPO crude blend surging to the highest in eight months at the end of July as ESPO discounts to Brent were at their narrowest since the EU embargo on Russian oil imports kicked in, multiple trade sources told Reuters last month.

Strong demand for cheaper Russian crude from China’s independent refiners, competition from Indian refiners, and the OPEC+ supply cuts, including from Russia, have all combined in recent weeks to lift the price of the ESPO crude.

Russian oil exports are set to drop this month and next as Russia has promised another cut to its shipments by 300,000 bpd in September after a 500,000 bpd reduction in August.   

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage


ADVERTISEMENT


Leave a comment
  • George Doolittle on August 14 2023 said:
    Don't know what to make of the Russian Ruble collapse.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News