Russia’s revenue from sales of crude oil and oil products in June declined by almost 14% from a year earlier to $13.57 billion, the International Energy Agency said on Friday.

Global oil prices BRN1! have fallen this year, under pressure from economic uncertainty and increased output from OPEC+, the Organization of the Petroleum Exporting and allies including Russia.

Russia’s crude output, however, stayed broadly flat at 9.2 million barrels per day last month and crude loadings were stable at 4.68 million bpd, the IEA said. Its exports of oil products dropped by 110,000 bpd to 2.55 million bpd.

Volumes of both crude and products in June remained around a five-year low.

“The deterioration in exports has persisted over most of 2024 and 2025 to date and raises questions about Russia’s ability to sustain its upstream production capacity,” the IEA said in a monthly paper.

It said Russian crude prices in June were below the $60 per barrel of the Western-imposed price cap on average despite trending above it for a 10-day period. Price gains exceeded those for North Sea Dated, as supply concerns boosted crude buying and sour crude markets remained tight.

Four European diplomats told Reuters that the European Commission is expected to propose a floating Russian oil price cap as part of a new draft sanctions package.

While Russia is meeting its OPEC+ output target, Kazakhstan has repeatedly exceeded its agreed curbs.

According to the IEA, Kazakhstan’s crude production gained 70,000 bpd, month-on-month, to 1.9 million barrels per day in June, nearly 500,000 bpd above its OPEC+ target and almost in line with the output of 1.88 million bpd, an industry source told Reuters last week.

Source: Reuters