Russian oil export volume in January 2023 increased by 500,000 barrels per day (bpd) from December 2022 to 8.2 million bpd, while export revenue increased by $700 million, to reach $13 billion, according to a February report by the International Energy Agency (IEA).
According to the IEA, Russian oil exports increased by 300,000 bpd in January, despite a reduction in deliveries to the EU of 450,000 bpd. Exports of petroleum products remained at December’s level of 3.1 million bpd. Meanwhile, Russian oil industry revenue fell 48% in January year-on-year to $4.2 billion, due to the Urals oil discount. And export revenues, while up from December 2022, fell 36% year-on-year from January 2022.
According to the IEA, oil production in Russia was only 160,000 bpd lower in January than before the start of the special military operation in Ukraine. However, oil production, excluding gas condensates, fell slightly from December, by 40,000 bpd, to 9.77 million bpd.
Source : TASS
