Russiaʼs profits from crude oil and fuel exports fell to $13.1 billion in October — $2.3 billion less than a year ago.
This was reported by the International Energy Agency (IEA), Reuters reports.
According to IEA, in October and November, exports of petroleum products fell to 40 000 barrels, or 2.3 million barrels per day, the lowest level since 2017, which exacerbated the deficit on international markets.
At the same time, total exports of both oil and petroleum products in October decreased by 150 000 barrels to 7.4 million barrels per day.
The decline is attributed to lower export volumes and energy prices, as well as the US sanctions against “Rosneft”, “Lukoil” and their subsidiaries. Another reason for the decline is Ukrainian drone attacks on Russian refineries and pipelines, Reuters writes.
To compensate for the losses, Moscow is creating new companies for the shadow fleet. In October, three new exporters appeared in Russia — “MorExport”, “RusExport”, and NNK. Together, they transported about a million barrels of oil daily.
At the same time, production has remained almost unchanged, IEA notes. In September and October, Russia produced 9.28 million barrels of oil per day — just 20 000 barrels below the target set by the OPEC+ group of leading global oil producers.
However, even a slight decrease means that Russia cannot increase production yet.
The US sanctions against “Lukoil” and “Rosneft”
On October 23, the United States imposed sanctions on “Rosneft” and “Lukoil", Russia’s two largest oil and gas companies. The sanctions targeted more than 30 units of both companies, including oil fields, gas plants, and refineries across the country.
In just two days, the shares of both companies have fallen, with Russiaʼs largest oil corporations losing a combined $5.2 billion. “Lukoil” shares fell 7.2%, resulting in a loss of $3.66 billion. “Rosneft” shares fell 3%, taking $1.56 billion with them.
- Due to US sanctions, one of the largest Chinese oil companies has abandoned Russian crude oil for the period from December to mid-February.
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