The IEA reports that Russia's oil export revenues fell in August.

The International Energy Agency reported on Thursday that Russia's revenues from crude oil and petroleum products fell in August, to the lowest level since the beginning of the conflict with Ukraine.

The Russian energy industry is being challenged by drone attacks on oil refineries, export pipelines and Western sanctions.

The IEA reported that revenues dropped by $920 millions from July to $13.51 Billion due to a decrease in crude oil and gasoline exports, as well as a widening discount on the Russian flagship Urals oil mixture's price of around $56 per barrel. This is below the Western-imposed $60 per barrel price cap.

The Paris-based IEA reported that "Russia's oil-export revenues are near their lowest levels in five years, reducing taxes and exacerbating Russia’s economic slowdown."

According to the agency, Russian oil and fuel imports fell by 70,000 barrels a day in August. Crude dropped 30,000 bpd while products declined 40,000 bpd.

The IEA said that Russian oil output decreased last month by 30,000 bpd. This is in line with the production quotas established by the Organization of the Petroleum Exporting Countries (OPEC+) and its allies. (Reporting and editing by Olesya Almakhova and Vladimir Soldatkin)

(source: Reuters)