11.08.2023, 17:08
IEA: in July, Russia reduced oil exports, but increased revenues from its sale
Source: OREANDA-NEWS
OREANDA-NEWS Exports of oil and petroleum products from Russia in July remained at the level of 7.3 million barrels per day (b/d), according to a new report by the International Energy Agency (IEA). Russia's income from fuel exports over the past month increased by $2.5 billion and reached $15.3 billion.
According to the materials provided by the IEA, higher oil prices combined with a decrease in the discount on Russian grades led to an increase in Russia's export revenues to $15.3 billion. The IEA notes that this is $4.1 billion below the level of July last year.
According to IEA experts, oil production in Russia in July decreased by 50 thousand b/d, to 9.4 million b/d, while exports decreased and refining increased. "This means that Moscow has more than fulfilled its voluntary reduction by 500 thousand barrels per day," the report says.
For China, oil exports over the past month decreased by 200 thousand b/d, for India — by 100 thousand b/d. However, these two countries accounted for almost 80% of all Russian oil exports. Supplies to Eastern Europe increased by 40 thousand b /d — up to 420 thousand b / d, to Turkey, on the contrary, decreased by 45 thousand b / d, up to 150 thousand b / d, the report says.
The IEA predicts that oil demand will increase by 2.2 million b/d in 2023. In absolute terms, global oil demand may reach 102.12 million b/d this year. More than 70% of the growth in demand will come from China, experts say. However, in 2024, the growth of the indicator will slow down to 1 million b/s.
In July, the volume of Russian oil exports decreased to the lowest values in the last seven months. The main reason was the decline in production, which was first announced in February.
According to the materials provided by the IEA, higher oil prices combined with a decrease in the discount on Russian grades led to an increase in Russia's export revenues to $15.3 billion. The IEA notes that this is $4.1 billion below the level of July last year.
According to IEA experts, oil production in Russia in July decreased by 50 thousand b/d, to 9.4 million b/d, while exports decreased and refining increased. "This means that Moscow has more than fulfilled its voluntary reduction by 500 thousand barrels per day," the report says.
For China, oil exports over the past month decreased by 200 thousand b/d, for India — by 100 thousand b/d. However, these two countries accounted for almost 80% of all Russian oil exports. Supplies to Eastern Europe increased by 40 thousand b /d — up to 420 thousand b / d, to Turkey, on the contrary, decreased by 45 thousand b / d, up to 150 thousand b / d, the report says.
The IEA predicts that oil demand will increase by 2.2 million b/d in 2023. In absolute terms, global oil demand may reach 102.12 million b/d this year. More than 70% of the growth in demand will come from China, experts say. However, in 2024, the growth of the indicator will slow down to 1 million b/s.
In July, the volume of Russian oil exports decreased to the lowest values in the last seven months. The main reason was the decline in production, which was first announced in February.
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