BAKU, Azerbaijan, November 14. In October, the overall volume of Russian oil exports saw a minimal change, decreasing by just 70,000 b/d compared to the previous month, reaching 7.5 mb/d.
However, according to the data received by Trend from the International Energy Agency (IEA), the accompanying revenues experienced a decline of $25 million, totaling $18.34 billion.
The initial imposition of US Treasury sanctions, aligning with the G7 price cap, contributed to a slight weakening of Russian crude prices in the latter part of the month due to increased shipping costs, the agency noted. Despite this, a 110,000 b/d rise in seaborne volumes played a crucial role in elevating total crude exports to 5.04 mb/d. This increase helped offset a decline in prices, resulting in a 3.3-percent, or $280 million, month-on-month boost in seaborne crude revenues.
Concurrently, higher pipeline prices, particularly to the EU, counteracted slightly lower volumes, leading to an 11-percent, or $360 million, month-on-month increase in overland revenues. In total, crude export revenues amounted to $12.67 billion, marking a year-on-year increase of $660 million.
Conversely, a decrease in product prices exacerbated the impact of a month-on-month drop of 150,000 b/d in exports, causing revenues to shrink by $690 million to $5.67 billion. This represents a year-on-year decrease of $620 million.