Russia’s Oil Export Revenue Slips in October
11.15.2023 By Tank Terminals - NEWS

November 15, 2023 [Oil Price]- Russia’s oil export revenues declined by $25 million to $18.34 billion in October amid lower international oil prices, the International Energy Agency (IEA) said on Tuesday.


The lower benchmark crude prices more than offset a shrinking discount for Russia’s crude grades versus North Sea Dated, the agency said in its latest Oil Market Report published today.

In volumes, total Russian oil exports dropped by 70,000 barrels per day (bpd) in October compared to September, and averaged 7.5 million bpd last month, due to lower refined product exports which more than offset higher exports of crude oil, according to the IEA’s estimates.

Russia’s ban on fuel exports affected product shipments at the end of September and early October. Russia enforced a three-week ban on diesel exports to countries other than four former Soviet states—Belarus, Armenia, Kazakhstan, and Kyrgyzstan.

Moscow partially lifted the ban on diesel exports on October 6, and seaborne exports resumed shortly after that. The ban was lifted on exports of diesel and gasoil delivered to seaports by pipeline, provided that the diesel producer supplies at least 50% of the diesel to the domestic market.

The temporary ban on exports of Russian diesel and heavy refinery maintenance were estimated to have reduced Russia’s diesel exports by sea by 11% in October compared to September.

Apart from gasoline and vacuum gas oil (VGO), the prices of all other Russian crude grades and products were above the G7 price caps, the IEA said in Tuesday’s report.

“The first US Treasury sanctions imposed under the G-7 price cap contributed to slightly weaker Russian crude prices in the latter half of the month due to rising shipping costs,” the agency added.

As a result of the stricter sanctions enforcement, shipping rates for transporting Russian crude have surged, traders have told Reuters.

Earlier this month, Russian government data showed that the average price of the flagship Russian crude grade, Urals, was $81.52 per barrel in October 2023. That’s higher than the average Urals crude price for the same month of last year, $70.62 per barrel.


Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Angel CCS JV and Yara Partner for Carbon Capture and Storage Study
04.19.2024 - NEWS
April 19, 2024 [Pipeline & Gas Journal]- The Angel CCS Joint Venture will collaborate with Ya... Read More
Kinder Morgan Meets Profit Estimates, Sees New Demand from AI Operations
04.19.2024 - NEWS
April 19, 2024 [Reuters]- Pipeline and terminal operator Kinder Morgan (KMI.N), opens new tab on ... Read More
Cepsa and Evos Join up for Green Methanol Storage in Spain and the Netherlands
04.19.2024 - NEWS
April 19, 2024 [Storage Terminals Magazine]- Spanish energy company Cepsa has forged an agreement... Read More
Linde to Increase Green Hydrogen Production in Brazil
04.19.2024 - NEWS
April 19, 2024 [Linde]- Linde (Nasdaq: LIN) announced today its subsidiary White Martins will bui... Read More