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(Bloomberg) — Russia’s oil-export revenues in April fell to the lowest in nearly two years as global crude prices declined amid sluggish demand, according to the International Energy Agency.
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The nation earned $13.2 billion from the export of crude oil and petroleum products last month, the lowest since June 2023, the Paris-based agency said in its monthly market report on Thursday. The decline came as the average-weighted price for Russian crude slumped further down in April, reaching $55.6 a barrel, well below the price-cap imposed by the international Group of Seven nations, the IEA estimated.
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“Russian oil prices followed international trends,” the agency said in the report. “Increased trade uncertainty is expected to weigh on the world economy and, by extension, oil demand.”
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The price of the Brent benchmark is more than 14% down so far this year as concerns mount over the global effects of US tariff policies and lower demand in China. Increased oil flows from Iran, which is currently in talks with the US, could add to a potential glut later this year after the Organization of the Petroleum Exporting Countries and its allies last month started bringing back some of the barrels withheld since 2022.
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Russia’s budget is especially vulnerable to oil-price declines, as the oil and gas industry account for roughly 30% of its revenues. The nation’s budget deficit widened in April, underscoring the Kremlin’s financial challenges if oil prices remain lower for longer amid record levels of spending on the war in Ukraine.
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Total Russian oil export volumes in April remained slightly above levels shown in the previous two months, at 7.55 million barrels a day, the IEA estimated. Flows of the nation’s premium ESPO crude reached a record high, exceeding 1 million barrels a day, according to the agency.
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“The deeper discounts attracted alternative buyers,” even as Chinese refiners reduced their purchases of the blend produced in Russia’s Far East, the IEA said.
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The agency estimated Russia’s total crude production in April growing to 9.3 million barrels a day, boosted by higher exports and a recovery in Russian oil-processing volumes. “The April ceasefire allowed a reprieve from Ukrainian drone attacks and a limited return of Russian refinery runs,” the IEA said.
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