russian oil exports declined by 420 kb/d in November, which combined with weaker prices, slashed revenues to USD 11 billion, USD 3.6 billion below a year ago, the International Energy Agency (IEA) reported.
As a result, Urals prices plunged by USD 8.2/bbl to USD 43.52/bbl, dragging export revenues to their lowest since russia’s invasion of Ukraine in February 2022. After weathering significant unplanned refinery outages in November, tightness in refined product markets has eased, but sanctions in 1Q26 will provide fresh challenges.
The stark contrast between surging crude supplies and unexpectedly tight product markets has pushed refinery margins back to levels last seen in the aftermath of russia’s invasion of Ukraine.
