Russia's Oil Export Revenues Plunge to Lowest Level Since Ukraine Invasion

RussiaRU's oil export revenues have collapsed to their lowest point since the February 2022 invasion of UkraineUA, according to data released Thursday by the International Energy Agency. The dramatic decline reflects the mounting pressure on Moscow's economically vital energy sector from a convergence of Western sanctions, Ukrainian military strikes, and weakening global crude prices.

The Paris-based IEA reported that Russia's revenues from crude oil and refined product exports fell to $10.97 billion in November, representing a year-over-year decline of $3.59 billion. Total Russian oil and fuel exports dropped by approximately 400,000 barrels per day to 6.9 million bpd, as buyers reassessed the risks associated with increasingly stringent sanctions enforcement.