IEA: Russia's revenues from oil and oil products exports fall to five-year lows

Russia's revenues from the sale of crude oil and petroleum products in August fell to one of the lowest levels since the start of the full-scale war against Ukraine, writes Reuters with reference to a fresh report by the International Energy Agency (IEA).

According to the IEA, in August, Russia's export revenues decreased by $920 million compared to July and amounted to $13.51 billion. This is due to both a decrease in the physical volume of oil and fuel exports and an increase in discounts for Russian Urals - its price fell to about $56 per barrel, which is lower than the $60 "ceiling" set by the West.

Since September 3, the price threshold has decreased to $47.6 per barrel .

"Russia's oil export revenues remain near a five-year low, reducing tax revenues and deepening the country's economic slowdown," the report says.

The IEA estimates that in August, Russia's exports of oil and oil products decreased by 70,000 barrels per day to 7.3 million barrels. Of these, crude oil supplies decreased by 30,000 barrels per day and oil products by 40,000.

In addition, last month, oil production in Russia also declined - by 30,000 barrels per day to 9.3 million barrels.

• on September 8, U.S. Energy Secretary Chris Wright said that European countries should stop buying Russian oil and gas if they want the U.S. to tighten sanctions against Russia.