Russia's deep oil discounts drove revenue down $700 million last month even as its exports jumped, the IEA says

Dec 15 2022 by Business Insider

 
An oil tanker.

Suriyapong Thongsawang

Russia's revenue from oil exports fell by $700 million in November, according to the IEA.  Deep discounts and falling crude prices drove down revenue despite a jump in exports, it said.  A G7 price cap on Russian crude will slash output and pressure global prices upward next year, the agency added. 

Russia's revenue from oil sales took a dive last month even as its crude exports jumped, according to the International Energy Agency (IEA). 

Deep discounts...

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