Russian oil exports increase 1.4% in July, revenue grows 7% to $14.3 bln - IEA

MOSCOW. Aug 13 (Interfax) - Russia's oil export revenues in July rose 7% or $0.9 billion compared to June, reaching $14.3 billion, though they were $2.1 billion lower than in the same month of 2024, according to International Energy Association (IEA) calculations.

The revenue growth was driven by higher prices and one additional day in July compared to June.

Physical export volumes in July increased 1.4% month-on-month to 7.3 million barrels per day, matching the export volume from a year earlier.

Crude oil shipments remained nearly unchanged in July, up by 20,000 bpd versus June, totaling 4.6 million bpd or 80,000 bpd higher than a year ago, while petroleum product exports grew 2% to 2.6 million bpd or 80,000 bpd lower than a year ago.

According to IEA estimates, China reduced oil imports from Russia 300,000 bpd month-on-month and 600,000 bpd year-on-year to 1.8 million bpd in July. India reduced imports from Russia by 400,000 bpd MoM and 500,000 bpd YoY to 1.4 million bpd and Turkey increased them by 100,000 bpd MoM and 100,000 bpd YoY to 1 million bpd. Deliveries to an unknown destination were 1 million bpd higher MoM in July at 1.3 million bpd - there were almost no such deliveries last year.