IEA: Russia boosts oil export revenues 6% to $15.8 bln with stable volumes in January

MOSCOW. Feb 13 (Interfax) - Russia boosted revenues from oil exports by $940 million month-on-month to $15.77 billion in January, with higher prices offsetting the nearly unchanged export volumes, up 20,000 barrels per day, the International Energy Agency (IEA) said in its monthly report.

Oil exports increased by 110,000 bpd month-on-month to 4.6 million bpd in January this year, though 300,000 bpd fewer year-on-year, and petroleum product exports decreased by 90,000 bpd to 2.8 million bpd, and 280,000 bpd fewer than a year ago.

Revenue from oil sales increased by $580 million to $9.82 billion, and from petroleum product exports by $360 million to $5.95 billion. All Russian grades of crude oil remained above the G7 price ceiling of $60 per barrel.

The IEA notes that discounts on Russian Baltic crude to the benchmark increased by an average of $1/bbl to $12.69/bbl in January, and fluctuated from $12/bbl in early January to $15.1/bbl in early February owing to sanctions pressure.

Around two-thirds of the tankers that fell under U.S. sanctions on January 10 were carrying mostly Eastern Siberia-Pacific Ocean (ESPO) crude from the eastern port of Kozmino. Discounts on the crude to Dubai increased more significantly from $2.53 per barrel in December to $8.55 per barrel in January, and reached $15 per barrel at the end of the month.

Russia overall in 2024 received $189 billion from the export of 7.6 million bpd of oil and petroleum products, of which 3.5 million bpd were sent to India and China, the IEA said.