Russia’s income from oil exports fell during four months

Russia began to receive less money from oil exports — income fell to a minimum since February against the background of slightly lower volumes of supplies.

As Bloomberg writes with reference to data from the International Energy Agency (IEA), over the past four months only in February Russia’s income was lower than in June.

Also, according to the IEA, Russia earned $16.7 billion from oil exports in June, which is 1.2% less than in the previous month.

The drop in monthly revenue came as exports of Russian crude oil and petroleum products fell to 7.6 million barrels per day in June from 7.7 million barrels per day a month earlier.

Russia’s average oil price rose slightly to $70.39 a barrel in June from $70.05 in May, but the higher prices did not offset lower export flows.

On average, Russian barrels continued to trade well above the $60 “price ceiling” set by the G7 industrialized nations in response to Russia’s invasion of Ukraine.

Previously, USM reported that Russian oil was entering the United States through a loophole in the Bahamas.