Russia’s oil and petroleum product export revenue was $11.1 billion in January 2026, up $130 million from December 2025 but down $4.6 billion from a year earlier, the International Energy Agency said in its monthly report.

Oil exports fell marginally compared with December, by 90,000 barrels per day to 7.5 million bpd, but were 150,000 bpd higher than a year previously. Shipments fell most at Black Sea ports.

Russian crude oil exports in January fell by 350,000 bpd to 4.67 million bpd, but were 120,000 bpd higher than a year earlier. Petroleum product exports rose 260,000 bpd compared to December, and were practically level with January 2025.

An increase in the number of ships departing for unknown destinations and increase in Russian oil inventory on water by 49 million barrels since November 2025 point to a decline in the number of those willing to purchase crude from Russia, the agency said.

Rising prices for both oil and petroleum products contributed to revenue growth in January. Urals Primorsk prices rose by $2.47 to $40.06 per barrel, while vacuum gas oil and diesel prices increased by $2.56 and $3.68, respectively. These gains boosted revenue from petroleum product sales by $330 million, offsetting a $210 million decline in crude oil revenue.

The EU price cap on Russian oil was lowered to $44.1 per barrel as of February 2. Russian intermediaries sold 65% of the total exports, sanctioned companies sold 13% and other firms 21%.

The IEA said notable changes had already occurred following the toughening of EU requirements for buyers of Russian products. EU countries have had to verify the origin of imported products more thoroughly since January 21. In 2025, the 27 EU countries and the UK accounted for 12% of medium distillate imports from refineries in India and Turkey that process Russian crude. However, the Jamnagar refinery in India stopped importing feedstock from Russia in mid-December as it sought to comply with these new requirements, given that Europe accounted for 40% of its exports last year. This shift in January reduced the EU and UK’s reliance on seaborne shipments of products derived from Russian crude to 1.6%, with most cargoes dispatched before January 21 and arriving from Turkey.

EU imports of medium distillates from the U.S. rose by 180,000 bpd to 550,000 bpd, with kerosene supplies hitting 60,000 bpd, the most since 2022.

Overall, India imported 100,000 bpd less Russian crude last month with 1.1 million bpd, the least since November 2022. State-owned refineries and the Vadinar refinery, 49%-owned by Rosneft , increased imports by 310,000 bpd. Despite lower seasonal demand, China increased seaborne imports of crude from Russia by 290,000 bpd to 1.7 million bpd. China’s purchases of Urals crude grew by 250,000 bpd to 500,000 bpd, an all-time high for this blend, the IEA said.

Among non-OECD net importers with refining systems capable of processing Urals, China remains the primary candidate for additional supplies from Russia, with its refining capacity of 19.9 million bpd, the agency said. Beijing imported 11.4 million bpd in 2025, approximately 17% of it from Russia.
Source: Interfax