IEA: Russian oil exports drop 260,000 bpd to 4.8 mln bpd in September

MOSCOW. Oct 13 (Interfax) - Russia's overall volume of oil exports dropped by 230,000 barrels per day to 7.5 million bpd in September compared to August, which was 560,000 bpd below the level prior to the start of the military operation in Ukraine, the International Energy Agency (IEA) said in its monthly Oil Market Report.

Specifically, Russian oil exports fell by 260,000 bpd to 4.8 million bpd, while petroleum products increased by 30,000 bpd to 2.7 million bpd.

According to IEA analysts, estimated revenue from exports fell $3.2 billion to $15.3 billion, owing to lower volumes and lower prices. The IEA also notes that even this revenue exceeds the average monthly revenue last year.

Russian exports of oil and petroleum products to European Union countries plummeted by 390,000 bpd to 2.7 million bpd in September, which was 35% in Russia's total oil-export structure versus 50% at the beginning of the year.

Russian oil exports remained at 1 million bpd to India, while they decreased by 115,000 bpd and 50,000 bpd, respectively, to 1.8 million bpd and 500,000 bpd to China and Turkey, respectively. "However, with around 500,000 bpd going to as-yet unidentified destinations, the final figures for each importing region could lead to significant changes in these preliminary figures," the IEA emphasizes.

The IEA notes that Russia's export share of oil and petroleum products to Western markets decreased in September, while its share increased to Asian buyers. In September, combined deliveries to China and India were 160,000 bpd higher than to Europe at 2.8 million bpd versus 2.6 million bpd, respectively.