Russia's income from oil export fell 17% per month - MEA (diagram)

Russia has announced that in the first quarter of 2024 it was forced to further reduce the export of oil and petroleum products by 200 thousand barrels per day. Export prices for Russian oil fell sharply in November, which led to a reduction in Russia's income from oil and oil exports by 17% per month. This is stated in the monthly review of the International Energy Agency (MEA). Last week, the price of Urals oil was falling below the price limit of $ 60 per barrel.

Reducing prices and reducing oil supplies by 200,000 barrels per day led to the fact that Russia's income from oil and oil exports decreased to $ 15. 2 billion in November. The decrease to this level has not been observed since July 2023. Revenue has fallen more than cheese - minus $ 2. 4 billion than oil products - minus $ 800 million.

At the end of November, Russia announced that in the first quarter of 2024 it would additionally reduce the export of oil and petroleum products by 200 thousand barrels a day - up to 300,000 barrels a day.

It should be reminded that in early December the Center for Energy and Pure Air Research (CREA) reported that Russia has lost 34 billion euros of export revenue after the introduction of the ceiling of prices for Russian oil by Western countries, as well as the prohibition of transporting it to EU countries. This can be compared with the expenditures of the Russian budget for safety planned for 2024.

In November and early December this year, moods in the world oil market became clearly bearings, that is, prices went down. This was due to the fact that the increase in supply in countries that are not in OPEC+coincided with the slowdown in the growth of global oil demand.

Continuing the reduction of OPEC production by the first quarter of 2024 has practically not helped to maintain oil prices, so in early December they fell by about $ 25 per barrel from September maxima - to the lowest level in six months. At the time of preparation of the Mea Futures for Brent oil, about $ 74 per barrel was traded, and WTI oil futures were about $ 69 per barrel.

Record supplies from the US, Brazil and Guyana, as well as a sharp increase in oil production in Iran, along with decreasing demand, prompted part of the OPEC+ countries to declare even large -scale production reductions in the first quarter of next year to prevent potential increase in stocks. Recall that the director of the network of new geopolitical research, Michael Samus, told Focus that sanctions do not help to weaken the army of the Russian Federation.