Russia’s revenue from sales of crude and refined products rose in January to $11.1 billion, up $130 million from a month earlier, despite US Treasury restrictions on oil sales and intensified sanctions targeting Rosneft and Lukoil, according to the International Energy Agency. Total exports slipped by 90,000 barrels per day to 7.5 million bpd, the Paris-based agency said in its February oil market report published Thursday.
However, higher prices for Russia’s flagship Urals crude from the Baltic port of Primorsk, up $2.47 a barrel to $40.06, combined with stronger vacuum gasoil and gasoil prices, which rose $2.56 and $3.68 a barrel respectively, lifted product revenues by $330 million. That more than offset a $210 million decline in crude receipts.
The uptick in revenue came even as government figures show Russia’s oil and gas tax take for 2025 slid 24 per cent year-on-year to around $110 billion, a reflection of the impact of sanctions. A surge in vessels sailing to “unknown destinations” and a build-up of Russian oil on water by as much as 49 million barrels since November last year underscores a shrinking base of willing buyers.
Russian supply itself was down 350,000 bpd in January amid tightening Western pressure on its key buyers.
Last month, Russia’s second-largest oil producer, Lukoil, agreed to sell the bulk of its international assets to US private equity firm Carlyle Group, following pressure from the US’ Office of Foreign Assets Control.
The IEA also trimmed its global oil demand growth forecast for 2026 to 850,000 bpd, down from a previous estimate of 930,000 bpd, as elevated prices and economic uncertainty shrink consumption. Oil demand grew 770,000 bpd in 2025. China remains the largest contributor to incremental demand at roughly 200 kb/d.
On the supply side, world oil output plunged by 1.2 million bpd in January to 106.6 million bpd as severe winter weather disrupted North American production and outages and export constraints restricted flows from Kazakhstan, Russia and Venezuela.
Venezuelan crude shipments have been especially hard hit as exports slumped from around 880,000 bpd in December to roughly 300,000 bpd in early January following the capture of President Nicolas Maduro by the US and Washington’s restrictions on its tanker movements. Production in Venezuela dropped by 210,000 month-on-month to about 780,000 bpd following the US' takeover of the country’s producing assets.
