The revenues of Russia from crude oil and refined products dipped again in October 2025 because of lower export volumes as well as weaker prices, the International Energy Agency – IEA said on November 13, 2025, also adding that Russian oil exports have actually been holding up so far.
The vital energy industry of Russia happens to be under immense strain due to a pickup in Ukrainian drone strikes on certain oil refineries as well as pipelines and also Western sanctions over Ukraine.
Apparently, Washington has already piled pressure on Moscow through introducing sanctions against the largest oil producers of Russia, Rosneft and Lukoil, in October 2025 and has set November 21 as the deadline when it comes to winding down transactions along with the companies.
The IEA, which happens to be Paris-based, has said that the revenues of Russia coming from crude and fuel export sales dipped to $13.1 billion in October 2025, which is down $2.3 billion from the same month last year.
It is well to be noted that Russian crude and oil product exports decreased by 150,000 barrels per day to 7.4 million bpd in October 2025, thereby reversing the increase that was witnessed in September 2025, said IEA.
New Exporters Crop Up
As per the preliminary tanker tracking data along with the IEA analysis, three new market participants went on to export almost 1 million bpd of Russian crude and products in October 2025.
RusExport, MorExport, and NNK have been functioning in the market only since May 2025, said the agency.
The analysis further said that with the country demonstrating its capacity to rapidly form new oil shipping companies and also move more volumes through its sanctioned fleet, the path forward when it comes to Russian crude and oil product exports is surely going to be determined through enforcement as well as sourcing decisions from the main buyers.
Effect of Ukrainian Attacks
The recent Ukrainian attacks on refining as well as oil production infrastructure went on to contribute to the 110,000-barrel-per-day dip in crude exports, to just over 5 million bpd, said the IEA in a monthly report.
It said that oil product exports also saw a decrease for the second consecutive month, by 40,000, to 2.3 million bpd, therefore reaching the lowest level ever since 2017 and aggravating the tight global product markets.
IEA also said that the Russian oil production excluding the gas condensate remained unchanged in October 2025 from September 2025, at almost 9.28 million bpd, which is some 20,000 bpd lower as compared to its target that was outlined by the OPEC+ group of leading global oil producers.
That goes on to compare with the 9.328 million bpd evaluated by OPEC – the producer group.
As per the IEA, while Russian crude exports have largely gone on to hold up ahead of the 21 November deadline, the recent data goes on to show that some of that oil has started to pile up on water as the buyers shun cargoes due to compliance issues as well as other uncertainties, confirmed the IEA.
As per the agency, the sustainable oil production capacity of Russia, the level that can be reached in 90 days as well as sustained for an extended period, happens to stand at 9.4 million bpd, which means that it does not have much leverage in terms of increasing its output.
It is worth noting that Kazakhstan crude supply saw a sharp dip by 240,000 bpd to 1.7 million bpd in October 2025, mostly due to maintenance taking place at the Tengiz field, said the IEA.
