Russia cashes in on reducing oil exports

Russian oil-export revenues rose to a 10-month high in August, according to the International Energy Agency.

Russia received $17.1 billion last month from overseas supplies of crude oil and petroleum products, $1.8 bln more than in July, the agency said in a monthly report.

In August, Russia's exports eased by 150,000 bpd to 7.2 million bpd. Shipments to China and India slumped in April and May but accounted for more than half the total volumes, the agency said.

So far, Opec+ supply has fallen by two mln bpd in 2023, with overall losses offset by “sharply higher” crude flows from Iran, the IEA said.

Meanwhile, non-Opec+ supply rose by 1.9 mln bpd to a record 50.5 mln bpd by August, the agency said.

On June 4, the OPEC+ made an announcement to extend crude oil production cuts through 2024. Russia has decided to extend an additional voluntary reduction in oil supplies by 300,000 barrels per day until the end of 2023.