Russia’s crude oil revenues plummeted

Company due diligence services in Vietnam – Low oil prices and falling oil exports caused Russia’s oil revenue in September to drop by $3.2 billion to $15.3 billion.

The sales were Russia’s lowest month of crude oil earnings in 2022.

Russia’s total exports of crude oil and oil products fell by 230,000 bpd to 7.5 million bpd in September, the IEA report said.

This is 560,000 bpd lower than it was before Russia started the war.

In September, Russian oil exports to Europe fell by 390,000 bpd compared to August 2022.

EU countries do not seem to have found an alternative supply for more than half of their oil imports from Russia.

Russia, will suffer even more when the EU embargo on Russian crude oil imports and a ban on maritime services take effect in early December.

Russia’s oil revenues are still well above the 2021 monthly average of $14.9 billion.

Since the start of the Ukraine war until September, the EU has imported more than $97 billion in fossil fuels from Russia.

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