Russia's oil exports fell sharply in November to 6.9 million barrels per day (mb/d), the lowest level since the Ukraine war began. This happened as buyers moved away due to tightened US sanctions and rising attacks by Ukraine. The International Energy Agency (IEA) reported a 420,000 barrels per day drop in exports. These lower volumes and prices pushed Russia's oil income down to $11 billion, $3.6 billion less than last year. Urals crude prices also slipped $8.2 per barrel to $43.52, the lowest since February 2022. The IEA said Ukrainian strikes on Russia’s 'shadow fleet' and marine oil facilities cut nearly half of seaborne exports via the Black Sea. Russia also faces slow economic growth and fuel rationing in some regions due to refinery attacks. The Russian finance ministry reported oil and gas revenues fell 22% to $88 billion in the first nine months of 2023. High military costs, inflation, and falling oil income strain Russia’s budget, which may see a $50 billion deficit this year. To cope, Moscow plans tax hikes next year. The US has warned countries buying Russian oil of possible tariffs and trade penalties, imposing a 25% tariff on Indian imports linked to Russian crude. In October, the US also sanctioned Russia’s top oil companies, Rosneft and Lukoil, to pressure Moscow to end the war. On the global scene, oil supply dipped by 610,000 barrels per day in November, with OPEC+ and sanctions-hit Russia and Venezuela leading the drop. Despite recent falls, the IEA forecasts global oil supply to grow by 3 mb/d in 2025 and 2.4 mb/d in 2026, with demand expected to rise steadily.