Russian oil export contracted by 115,000 barrels daily to 7.4 million barrels per day in July 2022, the International Energy Agency (IEA) said in its August report, Trend reports with reference to TASS.

Russia’s revenues from oil export also lost $2billion and declined to $19 billion amid smaller deliveries and lower oil prices, IEA experts said.

Russian oil export to the US, EU, UK, Japan and the Republic of Korea tumbled by 2.2 million barrels per day from the start of the special military operation in Ukraine but two thirds of these volumes were redirected to other markets, IEA informed. India, China and Turkey are among destinations for Russian oil supplies.

Russia’s oil production in July 2022 was 310,000 barrels per day lower than the production level observed before the start of developments in Ukraine and exports were 580,000 barrels daily lower than such level, IEA said.

Russian oil deliveries to the global market can fall even stronger after the EU import ban comes into force, the agency said. The country will have to find new markets for one million barrels daily of petroleum products and 1.3 million barrels daily of crude oil, IEA noted.

Source: Trend