NEW DELHI: Oil exports of Russia declined to the lowest since March 2021, according to the monthly oil report of the International Energy Agency (IEA). The country’s oil exports declined 600 thousand barrels per day (kb/d) to 7.3 million barrels a day (mb/d) in June, and its estimated export revenues plunged by $1.5 billion to $11.8 billion, half the levels of a year ago.
The report noted that Russia may hold its proposed oil output cut in August as domestic demand rises seasonally. As the Western countries put sanctions on Russian crude export following the break out of Ukraine war, Russia diversified its supply.
