Russia’s Oil Exports Rose but its Revenue Fell Ahead of Price Cap -IEA

Russia’s oil exports rose in November ahead of a Dec. 5 price cap imposed by the G7, the European Union and Australia to curb Moscow’s wartime revenue, the International Energy Agency (IEA) said on Wednesday.

However, lower global prices and steeper discounts for Russian oil meant Moscow’s revenue fell by $700 million to $15.8 billion, the IEA said.

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The Paris-based energy watchdog said it continues to expect the price cap to reduce Russia’s oil output by 1.4 million barrels per day (bpd) next year.