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 fuels exports, as well as a widening discount on the Russian flagship Urals blend oil price at around $56 - below the Western-imposed $60 price cap per barrel.

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 were down 40,000 bpd.

The IEA said that Russian oil output decreased last month by 30,000 bpd and reached 9.3 million bpd in accordance with the production quotas established by the Organization of the Petroleum Exporting Countries (OPEC+), a group.

Early in September, the price limit for UK, Swiss, and EU companies transporting Russian oil and providing services dropped to $47.60 a barrel.

KAZAKHSTAN OUTPUT DECLINES

The IEA reports that Kazakhstan's crude supply has dropped by 50,000 barrels a day since July last month, to 1.8m bpd, due to export disruptions and a spill of oil at the Black Sea Terminal, which is the terminal for Caspian Pipeline consortium supplies.

This was higher than Kazakhstan's quota for August of 1,53 million bpd, which was agreed to with the producer group OPEC+.

According to calculations and information from sources, Kazakhstan's daily oil production, excluding light oil (gas condensate), rose in August, up from 1,84 million bpd. (Reporting and editing by Olesya Almakhova and Vladimir Soldatkin)

(source: Reuters)