Russia’s oil revenues sink to five-year low, IEA reports

Reuters reported this, citing the International Energy Agency (IEA). 

According to the agency, Russia’s oil revenues declined to $13.51 billion in August, down $920 million. The decrease was driven by lower exports of crude and fuel, as well as deeper discounts on Urals crude, whose price fell to about $56 per barrel—below the Western-imposed cap of $60.

IEA said in its report that Russia’s oil export revenues remain close to a five-year low, cutting into tax income and deepening the country’s economic slowdown.

Additionally, in the final month of summer, Russia’s oil and fuel exports dropped by 70,000 barrels per day to 7.3 million. Crude production also declined by 30,000 barrels per day, falling to 9.3 million barrels.

• Russia’s economically recoverable proven oil reserves will last about 25 years: they currently amount to roughly 13.2 billion tonnes.