Russia’s revenue from oil and petroleum products sales fell by almost 14% year-on-year in June to $13.57 billion, the International Energy Agency (IEA) said in a report, according to Reuters.
Globally, crude oil prices have fallen this year, under pressure from economic uncertainties and increased production by OPEC+ (Organization of the Petroleum Exporting Countries and allies), including Russia.
However, Russia’s crude oil production remained at 9.2 million barrels per day (bpd) last month, and crude oil shipments were stable at 4.68 million bpd. Exports of petroleum products fell by 110,000 bpd to 2.55 million bpd, the IEA reported, according to Agerpres.
In June, crude oil and petroleum product volumes remained close to their lowest levels in five years.
“The deterioration in exports has persisted throughout most of 2024 and so far this year, raising concerns about Russia’s ability to sustain its extraction capacity,” the International Energy Agency said.
The institution estimated that in June the price of a barrel of Russian crude oil was, on average, below the $60 ceiling imposed by Western sanctions.
While Russia is meeting its OPEC+ production target, Kazakhstan has repeatedly exceeded it.
According to the IEA, Kazakhstan’s crude oil output rose by 70,000 bpd in June to 1.9 million barrels per day, almost 500,000 bpd above its OPEC+ production target and roughly in line with its output of 1.88 million bpd, the sources told Reuters on condition of anonymity.
The International Energy Agency is the main energy advisory body for 29 major economies. The agency was set up in response to the first oil shock of 1973-74 to coordinate the release of oil from reserve stocks.
Russia’s oil and gas revenues fell 17% year-on-year in the first half of 2025 to 4.73 trillion rubles, according to data from the Finance Ministry in Moscow.
These revenues are the Kremlin’s most important source of cash, accounting for about a third of all federal budget revenue over the past decade. The war in Ukraine has prompted the West to impose a series of sanctions aimed at cutting off Russia’s oil and gas revenues.
The decline is a problem for Moscow, which has significantly increased military and security spending since its invasion of Ukraine in February 2022.