Russia Continues To Earn More In Oil Revenues Even As Exports Decline

The travelling block operates beside drill pipe sections on the derrick of a drill rig during oil drilling operations by Targin JSC, a unit of Sistema PJSFC, in an oilfield operated by Bashneft PAO near Ufa, Russia, on Thursday, Sept. 29, 2016. Bashneft distributes petroleum products and petrochemicals around the world and in Russia via filling stations. Photographer: Andrey Rudakov/Bloomberg  

Bloomberg: Russia Earns More Despite Lower Oil Exports in June, IEA Says 

(Bloomberg) -- Russia’s oil exports rose back above $20 billion in June despite lower shipments abroad because of a rally in energy prices, according to the International Energy Agency. 

That was an increase by $700 million from a month earlier, even as Russia’s daily exports of crude-oil and products fell by 250,000 barrels to 7.4 million barrels, the lowest since August, the IEA estimated in its monthly report published on Wednesday. 

Benchmark Brent averaged more than $117 a barrel last month as the global oil market remained tight. High international prices helped to partially offset the discount for Urals crude, which deepened amid the European Union’s preparations to gradually phase out seaborne oil imports from Russia in response to the invasion of Ukraine. 

Read more ....  

WNU Editor: This is who is buying Russian oil .... Who Is Still Buying Russian Oil And Gas? (OilPrice.com). 

Update: The Middle East is now buying the Russian oil that the EU does not want .... Middle East Is Piling Up On Russian Oil After Europe Shunned Trade Deals With Vladimir Putin (Benzinga).  

Update #2: The EU continues to not put sanctions on russian natural gas .... Gas won't make EU's next Russian sanctions package, Czech leader says (Reuters).