Overview
- Russian oil export revenue fell to $11 billion in November, down $3.6 billion from a year earlier and the lowest monthly level since February 2022, the IEA reported.
- The IEA said Ukrainian strikes on Russia’s shadow fleet and marine oil facilities cut nearly half of Black Sea seaborne exports in November.
- U.S. sanctions on Rosneft and Lukoil have led major buyers in India and some Chinese firms to scale back or reroute purchases, widening discounts on Russian crude.
- Russia’s finance ministry reported oil and gas revenues down 22% to $88 billion in the first nine months of 2025, and Moscow is expected to run about a $50 billion deficit with tax hikes planned.
- The IEA said refined-product tightness from November outages has eased, but new sanctions in early 2026 will pose fresh challenges for Russian oil flows and refined markets.