Exports of crude rose despite more being refined in Russia due to a lull in Ukrainian drone attacks The average government benchmark price for Russia's Urals crude rose to $101.46 a barrel in October, its highest level since 2014, as Moscow also ramped up exports of the commodity. Moscow has benefited financially from the war in the Middle East with average crude prices reaching a 12-year high last month, the Moscow Times reported, citing data from the Ministry of Economic Development. The price per barrel was around 10% higher than in September and 89% up year on year, the paper said. Russia earned $10.6 billion from all its oil exports in the four weeks to November 1, Bloomberg reported—an average of $2.66 billion a week. With domestic refining activity recovering after a pause in Ukrainian air attacks, a reduction would normally be expected in the volumes of crude available for export, but outflows rose by 60,000 barrels a day from the period to October 25, Bloomberg reported. Revenues from crude exports fueling Moscow's coffers swelled by 68% compared to early September and tripled from the level at the start of the year, when Washington imposed sanctions on Rosneft and Lukoil, Russia's two largest oil companies, the Moscow Times reported. However, Russia's Treasury is still short of oil and gas revenues, the paper said, due to subsidies being paid to refiners who have suffered damage from Ukrainian attacks, analysts say.
Russia reportedly earned $10.6 billion from all its oil exports in the four weeks to November 1. (Getty Images)
