Russia’s oil export revenues are declining for the second consecutive month.

The export of Russian crude oil and petroleum products in October 2024 decreased by 150,000 barrels per day. This was the result of Ukrainian strikes on refineries and Western sanctions.

According to the International Energy Agency, Russia’s oil export revenues in October fell to $13.1 billion, which is $2.3 billion less than in October of the previous year. Export volumes are currently 7.4 million barrels per day, whereas in September, exports were increasing.

In an effort to adapt to new sanctions, Russia has activated new oil companies — MorExport, RusExport, and NNK, which have been operating since May and exported about a million barrels of oil. However, Ukrainian strikes on refineries have led to an additional reduction in exports by 110,000 barrels per day.

The overall export of Russian oil is now 2.3 million barrels per day — the lowest level since 2017. Meanwhile, oil production in Russia has remained at 9.28 million barrels per day, which is 20,000 below the target set by OPEC+. The total potential of the country’s oil production industry is estimated at 9.4 million barrels per day.

Amid these events, around a billion barrels of oil have accumulated in the world ocean, a significant portion of which comes from countries under sanctions. Ukraine’s President Volodymyr Zelensky has previously noted the negative impact on Russia’s oil revenues.