Russia’s oil and fuel export revenues fall to $13.1 billion in October, IEA says

Russia’s revenues from crude oil and refined products fell to $13.1 billion in October, down $2.3 billion from the same month a year ago, the International Energy Agency (IEA) reported on Thursday. The decline was driven by lower export volumes and weaker prices amid sanctions and rising geopolitical risks.

Russian crude and oil product exports dropped by 150,000 barrels per day (bpd) to 7.4 million bpd, reversing September’s gains. Crude exports fell by 110,000 bpd to just above 5 million bpd due to recent Ukrainian attacks on refineries and pipelines, while oil product exports declined by 40,000 bpd to 2.3 million bpd, reaching their lowest level since 2017.

Overall Russian oil production, excluding gas condensate, remained steady at 9.28 million bpd, slightly below the OPEC+ target. The IEA noted that while exports have largely held up ahead of the November 21 deadline set by the U.S. to wind down deals with major producers Rosneft and Lukoil, some cargoes have begun to accumulate at sea as buyers exercise caution amid compliance and geopolitical uncertainties.

The report also highlighted that Kazakhstan’s crude supply dropped sharply by 240,000 bpd to 1.7 million bpd in October, mainly due to maintenance at the Tengiz field, adding further pressure to regional oil flows.