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Russian oil export revenues surge over 20% in first half of 2021

Russian oil export revenues surge over 20% in first half of 2021
Revenues from sales of Russian crude oil abroad increased by 21.5% in the first six months of 2021 compared to the same period last year, according to data revealed by Russia’s Federal Customs Service.

In monetary terms, the country exported $47.63 billion worth of crude. However, the volume of oil exports totaled 88.2 million tons, marking a decline of nearly 12%. The drop is attributed to production cuts agreed upon by Russia with the Organization of the Petroleum Exporting Countries (OPEC).

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In June, Russian crude exports grew 11.5% compared to the previous month, reaching 22.65 million tons. In monetary terms, June’s month-over-month exports increased by 22.9%, to $10.9 billion.

Revenues from exports of liquified natural gas (LNG) from January to June 2021 fell by 15.9% to $3.301 billion against the same period a year ago. Meanwhile, physical volume of LNG exported in the indicated period saw a year-on-year growth of 7.3%, reaching 35.3 million cubic meters.

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