Russia's oil and fuel export revenue down 21% in March y/y, IEA says

Reuters
04-15
Russia's oil and fuel export revenue down 21% in March y/y, IEA says

MOSCOW, April 15 (Reuters) - Russia's revenue from sales of crude oil and oil products in March declined by 21% from a year earlier to $14.29 billion as oil prices fell, the International Energy Agency said on Tuesday.

It also said Russian oil exports dropped by 390,000 barrels per day (bpd) from March 2024 to 5.06 million bpd last month. Fuel exports were down 210,000 bpd.

Overall, Russian oil and oil products exports fell 600,000 year-on-year last month.

"The widening price discounts on Russian grades versus global benchmarks since 10 January added to overall price weakness," the IEA said. "But strong sour crude demand sustained Urals discounts versus Dubai delivered to the west coast of India at their narrowest level since last December."

In early January, Washington introduced its broadest package of sanctions yet against Russian oil companies and tankers carrying Russian oil, over Moscow's conflict in Ukraine.

According to the IEA, Russia's crude oil production last month edged down to 9.07 million bpd from 9.08 million bpd in February but was still above the country's OPEC+ quota of 8.98 million bpd.

However, OPEC data on Monday showed Russia's crude oil output dropped 10,000 bpd in March to 8.963 million bpd.

Kazakhstan's output was unchanged in March from the previous month, but some 390,000 bpd over the target set by the OPEC+ group of leading oil producers, IEA said.

In 2024, Kazakhstan pumped 60,000 bpd above its quota but output jumped further in February as Tengizchevroil's expansion ramped up towards full capacity.

Over half of current Kazakh production is operated by Western integrated oil companies, according to IEA.

(Reporting by Olesya Astakhova and Vladimir Soldatkin; Editing by Kirsten Donovan)

((vladimir.soldatkin@thomsonreuters.com; twitter: @vsoldatkin;))

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