BAKU, Azerbaijan, January 20. Revenues from Russian oil exports in 2022 increased by almost a quarter year-on-year - to $220 billion, which is close to historical highs, Trend reports via the latest oil market update from the International Energy Agency (IEA).
Although, Russia's crude revenues fell by $3 billion in December, which is the largest month-on-month drop since April. Thus, oil revenues fell to just $7.2 billion - values last seen in early 2021 when exports were almost 10 percent below December levels.
"Overall, in 2022, Russian oil exports increased by 4 percent year-on-year - to 7.8 mb/d, with all the increase coming from crude oil as products remained flat on average," the report noted.
Meanwhile, according to the IEA, oil exports to the EU countries decreased by just 400,000 b/d year-on-year - to 3 mb/d. For 2022 as a whole, the EU accounted for 39 percent of Russian exports (down from 45 percent in 2021).
"Product exports to EU countries were steady month-on-month at 1.2 mb/d, with diesel volumes at a 10-month high of 720,000 b/d. Overall, Russian diesel exports in December were at a multi-year peak of 1.2 mb/d. Gasoline exports were up by 110,000 b/d m-o-m to a record level of 275,000 b/d, with some of the increase going to the EU," the report added.
At the same time, the IEA expects Russia's share in the EU's crude imports to fall to just 5 percent in 2023, compared to the level of 27-30 percent before the war in Ukraine.