Kirill Chernovol, Researcher at the Gaidar Institute's International Best Practices Analysis Department, stated in a comment for Izvestia that sharp decline in Russian oil prices was not offset by an increase in physical supply volumes.
He noted that export prices for Urals crude fell from approximately $55 per barrel in October to $34 per barrel currently.
"This is a drop of about 38%, which means that in order to maintain the same revenue, volumes need to be increased by more than 60%. Even with the growth in sea shipments in the fall (for example, S&P Global recorded 4.11 mn barrels per day in October as a high level of maritime exports), this is not enough to offset such a decline in prices," Kirill Chernovol concluded.
The expert also noted that, according to the International Energy Agency, the situation worsened in November 2025: “In other words, there was actually a simultaneous decline in both prices and export volumes in November compared to October.” Russia's total oil and fuel revenues in November, according to this estimate, dropped to $10.97 bn.