Russia Oil-Export Revenues Drop on Sanctions, Cheaper Crude
- Price of Russian crude in October remained above G-7 price cap
- Nation’s oil exports last month slipped to 7.5 million b/d
Russia’s revenues from oil exports in October eased from a previous peak, as global crude prices dropped and the US imposed sanctions against vessels violating a Western price-cap, according to the International Energy Agency.
The nation received $18.34 billion from crude oil and petroleum-product exports last month, down $25 million from September “as lower international oil prices more than offset a narrowing discount for Russian grades,” the Paris-based agency said in its oil-market report.