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Russian Oil Export Earnings Hit Four-Month Low Amid Decreasing Flows


According to Bloomberg's report on July 11, revenues from Russian oil exports have dropped to their lowest level in 4 months, due to slightly reduced shipment volumes, as indicated by data from the International Energy Agency (IEA).

Russia's earnings from oil exports in June totaled approximately $16.7 billion, marking a 1.2% decrease from the previous month. This decline continues from a peak of nearly $19 billion in February 2024. Still, Russia’s oil export earnings surged nearly 23% from a year before.

However, the consistent decrease in Russia's oil export revenue volumes since March, as estimated by the IEA, does not necessarily indicate a reduction in overall financial inflows to the Kremlin.

Russia's oil taxes, which contribute to the national budget, primarily depend on crude production volumes, the price of Russian barrels, and the exchange rate of the ruble against the dollar. 

Russian oil taxes generated $6.7 billion for the Russian budget, marking an increase of nearly 50% compared to the same period last year.

Ukraine has been targeting Russia’s refineries with drones since the beginning of 2024 with the goal of cutting off fuel supplies to the Russian military and dropping Russia’s oil refinery revenues.

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