IEA: Russia's oil export revenue plunges $5 billion in June

Russia's revenue from oil and petroleum product exports fell by nearly $5 billion in June from the previous month, despite a sharp increase in export volumes, the International Energy Agency (IEA) confirmed.

The IEA said Russia earned $15.84 billion from oil exports in June, reflecting a significant decline from May even as crude shipments reached their highest level in more than two years.

Average daily crude exports rose by 620,000 barrels per day month-on-month to 5.8 million barrels per day, marking the highest level since 2022, the agency reported.

Despite the increase in physical exports, the IEA said Russia's oil export earnings were weighed down by deep discounts on Urals crude and the continued embargo on exports of aviation fuel and gasoline, which offset the gains from higher shipment volumes.

By Vafa Guliyeva