Russia’s Crude Export Revenues Slide to Two-Year Low Amid Falling Prices

Russia’s crude oil export revenues have dropped to their lowest levels in over two years, driven by a steady decline in international and regional crude prices. Despite relatively stable export volumes, the Kremlin’s oil income continues to erode, reflecting deeper vulnerabilities in its energy-dependent economy.

According to Bloomberg data, Russia exported an average of 3.39 million barrels per day (bpd) of crude in the four weeks leading up to May 25, 2025. This figure marks only a marginal decline of 10,000 bpd from the previous four-week period. However, the stability in volume was not enough to offset the revenue slump triggered by price drops in Russian flagship grades, namely Urals and ESPO.

Bloomberg’s estimates suggest that Russia’s weekly crude export earnings fell to $1.25 billion during this period—the lowest weekly figure since April 2023. This marks a continuation of a downward trend that began in April, when a sharp global oil price correction slashed Russia’s revenues by nearly $10 per barrel across multiple grades.

Read more from Bloomberg’s original analysis here.

Price Pressure Intensifies Revenue Loss

The International Energy Agency (IEA) reported in its May 2025 Oil Market Report that Russia’s total oil export revenues for April dropped to $13.2 billion, the lowest since June 2023. Crude from Russia averaged just $55.64 per barrel in April, with all major export grades slipping below the $60 price cap imposed by Western allies in response to the ongoing conflict in Ukraine.

These developments highlight a compounding problem for Russia: even as it maintains export volume, softening demand, increased competition from discounted barrels, and price ceilings are restricting the country’s fiscal leverage. The reduced earnings are expected to place additional strain on Russia’s federal budget, which remains heavily reliant on energy revenue.