Russia’s Oil Revenues Surge $6.3 Billion as High Prices Offset Production Losses

Russia’s oil export revenues have continued to rise despite lower production thanks to high oil prices. According to the International Energy Agency (IEA) monthly market report for May, Russia’s oil export revenues clocked in at $19.18 billion in April, good for a modest $180 million increase from March but a massive jump of $6.28 billion compared to April 2025. The increase in oil revenues came despite total output falling by 460,000 bpd to 8.8 million bpd, while total exports declined by 90,000 bpd to an average of 7.03 million bpd.…