Russia Oil Revenues Dropped in November Amid Discounts, IEA Says
- Revenue dropped even as oil exports were highest since April
- Wider discounts brought the Urals price below $60/bbl cap: IEA
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Russia’s oil revenues dropped in November to the second-lowest level this year as rising exports couldn’t offset widening discounts on the nation’s barrels, according to the International Energy Agency.
Russia earned about $15.8 billion from oil sales last month, the IEA estimated in its market report on Wednesday. The lowest monthly revenue this year was $14.7 billion in September, which was in line with the 2021 average.