Russia’s oil earnings continue to soar – IEA

Russia’s oil export revenue surged above $20 billion in June thanks to rising energy prices and despite lower shipments abroad, the International Energy Agency (IEA) said in its monthly oil market report on Wednesday.

The agency’s statistics showed an increase of $700 million in June from the previous month, even as Russia’s daily exports of crude oil and products fell by 250,000 barrels to 7.4 million barrels, the lowest since August.

The country’s drop in exports last month was led by crude oil, which fell to just above 5 million barrels per day, according to the IEA. Daily flows to the EU fell below 3 million barrels, which is the lowest since November.

Meanwhile, global oil prices have been surging on strong demand and tight supply. The Brent benchmark averaged more than $117 a barrel last month, while Russia’s Urals rose 10.7% from May to average $87.25 a barrel.

Oil and gas revenue accounted for nearly half of Russia’s federal budget in 2021, according to IEA estimates.

Moscow said earlier it expects up to 1 trillion rubles (over $17 billion) in additional oil and gas revenues this year.

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