By Rhod Mackenzie
Russian oil companies earned, according to the International Energy Agency (IEA), the highest amount of money since November last year - $15.3 billion in July. At the same time, the price ceiling of $60 per barrel of Russian oil, set last year by the G7, has been exceeded. The price of a barrel of oil transported by sea rose in July by $8.84 per barrel to $64.41. As a result, Russia's income in July, according to the Energy Agency, grew by almost 20% compared to June. However, it was down more than 20% yoy. Oil has attracted such heightened attention because it is still the main source of filling the Russian budget, against which all the efforts of the collective West, which called for sanctions, are directed.
Despite the increase in the price of Brent oil in July by almost $5 per barrel compared to the previous month, the discount of the main Russian brand Urals to Brent decreased by $4.
At the same time, Russian oil exports in physical terms decreased in July due to restrictions and lower production, as well as an increase in domestic demand after the completion of maintenance work. Offshore oil supplies from Russia in July decreased, according to the IEA, by 200 thousand barrels per day ,to 4.6 million barrels per day Data made available to Bloomberg show that Russian oil exports to China and India, which together account for approx. 80% of all deliveries also declined. Thanks to the increased export of oil products, Moscow managed to maintain in July the total export of oil and oil products at the June level of 7.3 million barrels per day. However, this is the lowest figure in at least a year.
According to the IEA, oil production in Russia in July amounted to 9.4 million barrels per day, i.ะต. by 50 thousand bar./d. less than in June. Earlier, Moscow pledged to cut half a million barrels a day of oil supplies, including August. In September, a slight increase in exports by 200 thousand barrels per day is expected.