Money is increasing: why Russian revenues from sales of oil are beating records again

As a result of August, the Russian Federation was able to receive record income from the sale of oil, even though the total amount of Russian exports of "black gold" decreased. Russia does not lack money to continue the war against Ukraine, as it continues to receive considerable income from oil sale. For example, in August 2023, the Russian Federation received the highest income from oil exports from the fall of 2022, according to the International Energy Agency (IEA) report.

Analysts say that earnings it was due to higher oil prices, which compensated for reducing the supply of "black gold" of the Russian Federation. In the last month, summer income from Russian oil supplies increased by almost $ 2 billion - to $ 17. 1 billion. This is the highest level since October 2022, when, according to IEA data, Russian exports amounted to $ 17. 3 billion. At the same time, the total volume of Russian oil exports in August decreased by 150 thousand barrels per day to 7. 2 million.

This is 570 barrels a day less than a year earlier. Meanwhile, supplies to China and India have decreased by 800,000 barrels a day compared to April and May - from 4. 7 million to 3. 9 million in August, but at the same time amounted to more than half of the total. According to the agency, Russian oil Urals, in August, cost an average of about $ 70 per barrel - this is $ 10 exceeding the level of prices set by the G7 and the European Union.

In the first week of September, the average price of Urals grew up to $ 75 per barrel. Russian oil is expensive due to reducing exports on May. Because of this, tension in the world markets increases. Also, due to the rise in price of oil refineries in India, as the agency notes, they are already looking for alternatives, they have increased deliveries from the Middle East.