BAKU, Azerbaijan, August 15. Russia's revenues from oil exports in July 2023 amounted to $15.3 billion, which is $2.5 billion more month-on-month ($12.8 billion in June 2023).
According to the data obtained by Trend from the International Energy Agency (IEA), despite relatively stable overall volumes, Russian oil export revenues have reached their highest point since November 2022. This resurgence can be attributed to the increase in international oil prices coupled with narrower discrepancies between Russian crude and products compared to global benchmarks.
However, this volume decreased by $4.1 billion year-on-year ($19.4 billion in July 2022). At the same time, according to the report, product revenues displayed a more rapid rise compared to crude ($1.6 billion versus $0.9 billion month-on-month).
In July, Russian oil exports remained largely unchanged at 7.3 mb/d for combined crude and products. Outbound product trade experienced a month-on-month rise of 200,000 b/d to reach 2.7 mb/d due to refinery runs surging post-maintenance, resulting in a 200,000 b/d decrease in crude exports to 4.6 mb/d.
Russian crude exports have been affected by production cuts and an increase in domestic refinery operations. Their peak occurred in May at 5.2 mb/d, subsequently declining to 4.8 mb/d in June and further down to 4.6 mb/d in July. This totals a reduction of 300,000 b/d compared to pre-war levels and marks the lowest point since December 2022.
As the agency noted, while the destinations of all shipments are not yet fully known, available data indicate a 200,000 b/d month-on-month decrease for both China and India. Nonetheless, these two countries still accounted for nearly 80 percent of total Russian crude exports in July. Shipments to East Europe climbed by 40,000 b/d to 420,000 b/d, while those to Türkiye fell by 45,000 b/d to 150,000 b/d over the same month.
