Russia Oil Revenues Fall to Lowest Level Since 2022

Oil revenues in Russia dropped sharply in November, reaching their lowest level since 2022, according to a report by the International Energy Agency.

The decline reflects a combination of reduced export volumes and weaker global prices, increasing pressure on one of Russia’s most vital economic sectors.

The agency noted that oil revenues were hit by falling exports of crude oil and refined products, alongside rising geopolitical risks.

Ukrainian drone strikes targeting refineries and pipelines have further disrupted energy infrastructure.

This downturn in oil revenues coincided with tighter Western sanctions, as the United States intensified pressure on Moscow by imposing new restrictions on major Russian oil companies, affecting export flows and buyer confidence.

According to the IEA, Russia’s earnings from crude oil and fuel exports fell to about $10.97 billion in November, down significantly from the same month last year.

Total exports of oil and fuel also declined by around 400,000 barrels per day to approximately 6.9 million barrels per day, as markets assessed the risks linked to stricter sanctions.