Finance
Russia's oil and fuel export revenues fell again in September, IEA says
Published by Global Banking and Finance Review
Posted on October 14, 2025
2 min readLast updated: January 21, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on October 14, 2025
2 min readLast updated: January 21, 2026
Russia's oil export revenues fell in September due to lower prices and sanctions. Crude exports rose, but product exports dropped, impacting global markets.
MOSCOW (Reuters) -Russia's revenues from crude oil and refined products fell again in September, as exports of the latter plunged to the lowest in a decade excluding the COVID-hit April 2020, the International Energy Agency said on Tuesday.
Russia's vital energy industry is under strain from a pickup in Ukrainian drone strikes on oil refineries and pipelines, as well as Western sanctions.
The Paris-based IEA said Russia's revenues from crude and fuel sales fell to $13.35 billion in September from $13.58 billion in August, due also to lower prices. That followed a steep decline in August from July.
CRUDE EXPORTS RISE, OIL PRODUCTS FALL
"Persistent attacks on Russian energy infrastructure have cut Russian crude processing by an estimated 500,000 barrels per day, resulting in domestic fuel shortages and lower product exports," the IEA said in a monthly report.
It said Russian crude and oil product exports rose by 210,000 bpd to 7.4 million bpd in September, as a pickup in crude exports more than offset the decline in oil products.
Crude exports rose 370,000 bpd to 5.1 million bpd, the highest since May 2023, as lower refining throughput freed up barrels for international markets.
But product exports dropped 170,000 bpd to 2.4 million bpd, mainly driven by gasoil and fuel oil. Preliminary data suggests shipments to Saudi Arabia fell in particular, the IEA said.
A $200 million rise in crude export revenue was more than offset by a $440 million drop for products.
The IEA also said the discount of Russia's flagship Urals crude to the North Sea benchmark widened to more than $13 per barrel in early October, the largest since May, as Russia's surplus barrels joined an over-supplied global market.
The agency said Russian oil production increased 170,000 bpd last month to 9.21 million bpd, from a downwardly revised 9.03 million bpd in August.
That compares with the 9.321 million bpd assessed by the producer group OPEC and Russia's output quota from the OPEC+ alliance of 9.415 million bpd.
The IEA also said Kazakhstan's crude oil supply declined by 20,000 bpd from August to 1.84 million bpd last month amid export disruptions for the Caspian Pipeline Consortium, which accounts for around 80% of the country's oil exports.
The level was still above Kazakhstan's OPEC+ quota of 1.550 million bpd.
(Reporting by Vladimir Soldatkin. Editing by Mark Potter)
Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. It is used to produce fuels and other products.
Oil products refer to various refined products derived from crude oil, including gasoline, diesel, jet fuel, and heating oil, used for transportation and energy.
Western sanctions are restrictive measures imposed by Western countries to influence or punish a nation for its actions, often targeting economic sectors like energy.
An export is a good or service sold to a foreign country. Exports are crucial for a country's economy as they generate revenue and create jobs.
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