Russia’s oil-export revenue in May fell to the lowest since February as supplies and prices dropped, according to the International Energy Agency.
(Bloomberg) — Russia’s oil-export revenue in May fell to the lowest since February as supplies and prices dropped, according to the International Energy Agency.
The flow of money into the country from international oil sales totaled $13.3 billion last month, down $1.4 billion from April, the IEA said in its monthly market report. That’s a 36% decline from a year earlier.
Western restrictions on Russia’s oil, including Europe’s import ban and price caps imposed by the Group of Seven nations, are taking their toll on the Kremlin. Its proceeds from the key commodity — a major source of revenue for the budget — have dwindled even as supplies continue to other markets.
The nation’s oil and petroleum products were sold below price limits last month, according to the IEA. The weighted average export price for Russian crude slid to $54.79 a barrel in May from $60.22 in April, the agency calculated, using data from Argus Media Group and Kpler.
Crude and oil-product exports averaged 7.8 million barrels a day in May, or 260,000 a day lower than the previous month, according to the IEA. China and India accounted for more than half of total Russian shipments, while deliveries to Africa, the Middle East and Latin America made up 12%, the agency said.
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