Date: 20 July 2022 Author: Grzegorz Kuczyński

Russian Oil Revenues Rise Despite Lower Shipments

Russia’s oil revenues rose back despite lower shipments in June 2022 amid a rally in energy prices across the globe. While output is rising, an EU embargo on Russian oil will eventually come to force.

Russian oil exports in June fell by 250,000 bpd month-on-month to 7.4 million bpd, the lowest since August 2021. Russia’s oil exports rose back above $20 billion, an increase of $700 million from a month earlier, according to the International Energy Agency. Rising revenues stem from a rally in energy prices. This time, the decline was led by crude oil, while product shipments were relatively stable at 2.4 million bpd. Russian daily shipments shrank by 530,000 bpd between April and June while they rose back above $2.3 billion. Throughout June, Russian oil and gas condensate production rose by 490,000 bpd, to 11.07 million bpd. Those accountable for an increase in national output were oil giant Rosneft and Bashneft, its subordinate company. Russian national output is forecast to decline in June amid lower refinery throughputs, according to the IEA. “As an EU embargo on Russian oil is set to come into full force at the end of the year, the oil market may tighten once again,” the report reads. Oil output is eventually forecast to stand at 10.37 million bpd. The U.S. Department of Energy is now forecasting that Russian national oil output will rise to 10.7 million bpd in the second six months of 2022 before declining to 9.3 million bpd in 2023. A forecast increase later this year is because Russia could keep its output at the same level before EU sanctions come into force in late 2022.

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