Russia’s oil exports have fallen to their lowest level since the start of the Ukraine conflict, as global buyers increasingly distance themselves from Moscow amid stricter US sanctions and intensifying Ukrainian attacks. In its latest report, the International Energy Agency (IEA) said Russian crude exports dropped by 420 kb/d in November, bringing total shipments down to 6.9 mb/d.
This sharp decline in export volumes, coupled with weakening global oil prices, has significantly impacted Russia’s earnings. Moscow’s oil revenue fell to $11 billion in November — a steep $3.6 billion drop compared to the same month last year. According to the IEA, both lower output and softer prices have “dragged export revenues to their lowest point since Russia’s invasion of Ukraine in February 2022.”