Russia's monthly oil revenues have fallen to their lowest level since the start of the war, and even the increase in oil volumes has not helped. This is evidenced by the report of the International Energy Agency (IEA).
The volume of oil revenues in August fell by $1.2 billion compared to July – $19.9 billion against $17.7 billion. 220 thousand barrels per day to the level of 7.6 million barrels per day.
The reason for the decline in income was the fall in world oil prices and, as a result, prices for Russian grades of oil. According to the Ministry of Finance, the average cost of the Russian standard Urals in August fell by 4.7% and amounted to $74.74 per barrel. The IEA notes that the loss of the markets of the USA, Japan and South Korea turned out to be almost imperceptible for the Russian oil industry, the shares were redistributed in favor of China, India and Turkey.
However, in the near future, pressure on Russian revenues will increase, the agency notes, hinting at the imposition of an oil embargo by the European Union. The new restrictions will force Russia to look for buyers again – this time for the European share of 1.4 million barrels. The agency emphasizes that Russia's new partners are ready to buy Russian oil only at a discount, which also negatively affects the country's income.
The Ministry of Finance previously published data on budget revenues for August, they were the lowest since June 2021. The main reasons are the collapse of gas supplies abroad against the backdrop of Gazprom's actions against the EU, as well as the fall in oil prices. The budget surplus in August amounted to 137.44 billion rubles, the agency expects that the budget deficit in 2022 may exceed 1.6 trillion rubles.