Russian oil export revenues fall by 15% in February

Russia’s oil export revenues fell by $2.4 billion in February, or 15%, due to lower global oil prices and an increased discount on Russian crude.

On an annual basis, oil exports fell by 80,000 barrels per day last month, and petroleum product exports fell by 420,000 barrels per day, while total oil exports fell by 490,000 barrels per day.

Russia increased its oil supplies by 90,000 barrels per day in February despite recent US sanctions. An International Energy Agency report stated that, at the same time, petroleum product exports fell by 190,000 barrels per day month-on-month, while overall oil exports fell by 100,000 barrels per day.

The report stated that recent US sanctions impacted Russian oil exports, but supply volumes recovered after a brief period of uncertainty. The agency added that Ural oil prices FOB Baltic are below the G7 price ceiling of around $55 per barrel, with a lower discount on the ESPO blend, while its price is $2-$3 above this ceiling of $60.