BAKU, Azerbaijan, August 16. China, India, Türkiye, and the Middle East accounted for one-third of Russian oil products exports in July 2023, Trend reports.
According to the data obtained from the International Energy Agency (IEA), Russia's exports of oil products in the reporting period experienced shifts.
Thus, a substantial decrease in exports to the Middle East ( down by 200,000 b/d to 260,000 b/d) has been recorded, as well as decline to Türkiye (down by 40,000 b/d to 480,000 b/d). Often, these volumes (dispatched at discounted rates compared to international market prices) substitute domestically produced equivalents for more expensive external shipments.
At the same time, Russia increased its oil products supply to India (up by 80,000 b/d to 230,000 b/d), Africa (up by 55,000 b/d to 410,000 b/d), and OECD Asia Oceania (up by 50,000 b/d to 60,000 b/d).
The agency noted that the volumes of exports with undisclosed destinations (300,000 b/d) might lead to modifications in these figures upon cargo arrival.
Russian government oil revenues saw a 1.4-percent monthly decline in July 2023, reaching 44 percent below the levels observed in July 2022. Fiscal revenues mirror export revenues with a one-month lag, implying potential growth in August, the IEA added.