NEW DELHI: Russian oil exports saw a steep decline in November as buyers grew increasingly cautious over the risks linked to more stringent US sanctions, the International Energy Agency (IEA) said in its latest report.

The agency highlighted that Russian oil exports fell by 420 kb/d (thousand barrels per day) in November, and the combination of lower shipments and weaker prices dragged Moscow’s oil revenue down to $11 billion, which is $3.6 billion less than a year ago.

The IEA stated, “Russia’s total oil exports fell by roughly 400 kb/d in November to 6.9 mb/d, as buyers assessed the implications and risks associated with more stringent sanctions.”

The fall in exports also led to a sharp decline in Urals crude prices, which plunged by $8.2/bbl (bbl is barrel, about 159 litres) to $43.5

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