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The IEA reports that Russia's fuel revenue fell by 14% in June compared to last year.

The International Energy Agency reported on Friday that the revenue of Russia from crude oil and petroleum products sales in June fell by nearly 14% compared to a year ago, reaching $13.57 billion.

The global oil price has fallen in this year due to the economic uncertainty, and the increased production of OPEC+ (the Organization of Petroleum Exporting Countries) and its allies, including Russia.

The IEA reported that Russia's crude production remained stable last month at 9.2 millions barrels per daily and that crude loadings remained at 4.68million bpd. The IEA reported that its exports of oil and petroleum products fell by 110,000 barrels per day to 2.55million bpd.

The volumes of crude oil and its products remained at a low level for the past five years.

The IEA stated in a paper that "the deterioration of exports has continued for most of 2024-2025 and raises concerns about Russia's capacity to maintain its upstream production,"

The company said that Russian crude prices were lower than the $60 barrel price cap imposed by the West on average in June, despite a trend above this level for ten days. North Sea Dated prices rose more than those of North Sea Dated as concerns about supply boosted crude purchases and tight crude markets continued.

Four European diplomats said that the European Commission will likely propose a floating Russian crude oil price cap in a new draft package of sanctions.

Kazakhstan, while meeting its OPEC+ production target, has consistently exceeded the agreed limits.

An industry source said last week that the IEA reported that Kazakhstan's crude oil production increased by 70,000 barrels per day (bpd) in June. This is 500,000 bpd more than its OPEC+ goal and nearly in line with 1.88 million bpd. (Reporting and editing by Barbara Lewis; Olesya Astakhova and Vladimir Soldatkin)

(source: Reuters)