Crude oil supplies from Russia have risen to record levels over the past three months.
Points of attention
- Russian oil exports have reached record levels in the past few months despite challenges such as maintenance works and fluctuating global oil prices.
- Oil production in Russia surpassed the OPEC+ target level for the first time since February, contributing to an increase in the country's oil revenues.
- The rise in global oil prices due to geopolitical tensions in the Middle East has influenced the dynamics of oil futures, with Brent and West Texas Intermediate experiencing fluctuations.
- Despite a slight decline in weekly supplies, the Russian government managed to increase oil revenues in September by adjusting subsidies to crude oil producers.
- The increase in Russian oil supplies and the decline in oil refining activities amid maintenance work showcase the country's efforts to maintain its position in the global oil market.
What is known about Russia's increase in crude oil exports
It is noted that, in general, oil production in the aggressor country exceeded the OPEC+ target level for the first time since February this year.
It is noted that the volume of Russian oil supplies has increased by approximately 60,000 barrels per day over the past 4 weeks.
At the same time, the volume of oil refining in Russia fell to its lowest level since June amid maintenance work at plants across the country.
The increase in crude oil supplies occurred even in the context of reduced shipments from Baltic and Asian ports during the last week.
Moscow noted that last month oil production in Russia fell below the target level of OPEC+.
At the same time, the gross value of Russian oil exports decreased to $1.54 billion from $1.68 billion on September 29
The decline in weekly supplies was partly offset by a rise in average Russian oil prices, driven by a general rise in world prices amid fears that a war between Iran and Israel would disrupt supplies to the Middle East.
Russia's state revenues from oil showed a slight increase in September, which occurred at the expense of the country's oil producers. The Russian government compensated for weaker energy prices by halving monthly subsidies to crude oil producers.
What is known about the dynamics of world oil prices
Global oil prices fell by more than $1 after rising to a one-month high on expectations of further escalation in the Middle East.
Brent futures fell $1.17, or 1.5%, to $79.76 a barrel.
U.S. West Texas Intermediate crude futures fell $1.19, or 1.6%, to settle at $75.95 a barrel.
