Oil exports from Russia rose in November and on the eve of December 5, when the price ceiling for Russian oil that is exported came into force, the International Energy Agency (IEA) announced today, Reuters reported, quoted by BTA.

However, amid lower prices globally and greater discounts being offered on sales of Russian oil, Russia's revenues from the black gold fell by $700 million to $15.8 billion.

The maximum price cap of $60 per barrel of Russian oil was introduced by the Group of Seven (G7) countries, the European Union and Australia, to reduce the income of the rulers in Moscow, which they use to to finance the military invasion of Ukraine.   

The International Energy Agency said it still expects Russian oil output to fall by 1.4 million barrels per day next year due to the price cap.

Russian oil exports plummeted

China, India and countries in the Middle East offset some of the reduced oil consumption in Europe and other regions.

Amid the data, the Paris-based organization raised its forecast for an increase in oil demand by between 140,000 and 2.3 million barrels per day.

For next year, the IEA expects next year it will rise by between 100 thousand and 1.7 barrels per day to 101.6 barrels per day.