papa1266/Getty Images The IEA reported Russia's revenue from oil exports hit the highest level in 2023. The price of Russian seaborne crude moved above the $60 price cap on average for the month, the group said. The surge in price for Russia's Urals crude points to supply tensions for other oil benchmarks as OPEC+ cuts supply. Russian oil was sold above the Group of Seven's price cap throughout July, helping Russia pull in its highest oil revenue in eight months, according to a new report from the International Energy Agency.