Russia’s oil export revenues hit lowest level since start of full-scale war

Russia’s oil revenues fell to $11 billion in November, the lowest monthly level since February 2022.

The International Energy Agency (IEA) reported that Russia recorded its lowest oil revenues since the invasion in November: $11 billion, down $3.6 billion from a year earlier, Euractiv reports.

According to the IEA, the combination of weaker oil prices and reduced exports “reduced export revenues to the lowest level since Russia’s invasion of Ukraine in February 2022.”

The agency also noted the impact of strikes on the “shadow” tanker fleet and offshore facilities. In November, Russian oil exports through the Black Sea almost halved. At the same time, after significant unplanned shutdowns of oil refineries were eliminated in November, tensions in oil product markets eased, but sanctions in the first quarter of 2026 will become a new challenge, the IEA notes.

Recall that in October the United States imposed tough restrictions on Rosneft and Lukoil. Against the backdrop of high military spending, inflation and falling oil revenues, Moscow expects a budget deficit of about $50 billion (≈3% of GDP) in 2025 and is preparing to increase taxes for businesses and consumers.

Additional pressure factors were that crude oil production in Russia last month was significantly lower than the OPEC+ quota, the work of refineries was periodically disrupted by drone attacks, and the sale of sanctioned barrels required finding new buyers – often at a discount and through more expensive logistics schemes.

Meanwhile, as USM reported, Ukrainian drones attacked a Russian oil production platform in the Caspian Sea for the first time.