Sanctions Hamper Russian Oil Revenues: IEA

Russian oil revenues are being squeezed by western sanctions despite near record exports according to the IEA.

• Russia exported 8.2 million barrels a day of crude and fuel in January – close to the February 2020 record.
• The Kremlin’s January revenues from the exports fell by more than a third to $13 billion from a year ago.
• Urals price discounts for Baltic delivery versus North Sea Dated Brent last month widened to a $40.05 per barrel, a record low, the IEA said.
• The Russian government has proposed a switch to Brent-based price assessment from April, with the discount to the European benchmark to be narrowed gradually until it reaches $25 per barrel starting July.
• If adopted, the tax changes could generate over 600 billion rubles ($8.1 billion) in additional budget revenue this year alone.