BAKU, Azerbaijan, October 13. Russian oil export revenues saw a substantial month-on-month increase of $1.8 billion in September, marking their highest level since July 2022.
According to the data provided to Trend by the International Energy Agency (IEA), this boost was the result of a combination of factors, including a significant rise in overall export volumes by 460,000 barrels per day (month-on-month), as well as an increase in the weighted average prices of Russian crude, up by $8 per barrel (month-on-month), and petroleum products.
Notably, the predominant contributor to the export revenue growth was crude oil, with a monthly increase of $1.5 billion, resulting in a $2.6 billion surplus compared to the unusually low levels observed in September 2022, the agency added.
According to the IEA's estimations, the overall uptick in exports can be attributed to a 220,000 barrels per day increase in product shipments and an estimated 250,000 barrels per day in crude oil exports. Currently, about 190,000 barrels per day of crude exports are labeled as destined for "unknown" destinations, although a significant portion of this may offset the 300,000 barrels per day drop recorded for India. Crude exports to China rose by 270,000 barrels per day, and those to Türkiye increased by 80,000 barrels per day, resulting in overall crude exports remaining unchanged compared to September 2022.
Concerning product exports, 260,000 barrels per day are allocated to "unknown" destinations. Some of this allocation might offset the 130,000 barrels per day monthly drop observed for Türkiye. Product exports to India experienced a 160,000 barrels per day monthly increase, while shipments to most other destinations remained relatively stable.
Meanwhile, total Russia's product exports increased by 100,000 barrels per day year-on-year, with reduced sales to the EU (by 870,000 barrels per day) largely offset by increased flows to Africa (190,000 barrels per day), Türkiye (160,000 barrels per day), India (190,000 barrels per day), Latin America (140,000 barrels per day), and the Middle East (80,000 barrels per day).