BAKU, Azerbaijan, September 11. Russia’s oil exports fell by 70,000 barrels per day (b/d) to 7.3 million b/d in August, according to the International Energy Agency (IEA), Trend reports.
Crude exports slipped by 30,000 b/d and refined products by 40,000 b/d, with refinery outages and a gasoline embargo weighing on light product flows.
Pipeline deliveries through Druzhba were reduced by 80,000 b/d due to Ukrainian strikes and maintenance at Hungary’s Százhalombatta refinery, partly offset by a 50,000 b/d increase in seaborne exports.
Export revenues dropped by $920 million month-on-month to $13.5 billion, among the lowest levels since the invasion of Ukraine. Urals crude prices slid more than $3 per barrel to around $56, widening the discount to Brent and staying well below the G7 price cap.
India, Russia’s key customer, briefly slowed purchases, deepening discounts for Urals crude. Meanwhile, new EU sanctions targeting vessels and refiners, along with U.S. secondary tariffs on Indian imports of Russian oil, are adding pressure on Moscow’s export flows.
Weaker oil revenues have hit government finances. Russia’s Mineral Extraction Tax income fell 38% year-on-year in January–July, while the finance ministry cut its 2025 tax revenue forecast by almost 25%. With a July budget deficit of RUB 4.9 trillion ($61 billion), Moscow has continued to draw on its National Wealth Fund, which has shrunk by two-thirds since early 2022.
