BAKU, Azerbaijan, January 20. Russia's oil export revenues in December 2023 amounted to $14.4 billion, which is a decrease of $1.4 billion month-on-month ($15.8 billion in November last year), Trend reports.
According to the International Energy Agency (IEA), this marks the lowest point in revenue from Russia's crude exports since June 2023 ($13 billion).
Compared to October last year, Russia's December revenues dropped by $4.4 billion.
Meanwhile, in December, the overall export volumes of Russian oil increased by 500,000 b/d to reach 7.8 mb/d, with a rise of 240,000 b/d in crude exports and 260,000 b/d in product exports.
The IEA noted that crude volumes loaded in December with undisclosed destinations remained significant as of mid-January at 320,000 b/d and might potentially counterbalance the notable decrease in flows to China (down by 280,000 b/d month-on-month).
Year-over-year, the overall export volumes of Russian oil held steady at 7.5 mb/d, experiencing a minor decrease in crude (down by 100,000 b/d, reaching 4.9 mb/d), which was counteracted by a corresponding increase in products, primarily fuel oil. In the initial two months of 2022, oil exports were 300,000 b/d lower than their pre-war average, driven by a decline of 400,000 b/d in products, while crude saw a rise of 100,000 b/d.
