Monthly output drops nearly 9 in April
Steepest fall since shortly after collapse of Soviet Union
But higher oil prices boost Moscow39;s revenue

LONDON, May 17 Reuters Russian crude output in April fell by nearly 9 from the previous month, an internal OPEC report showed on Tuesday, as Western sanctions on Moscow following its invasion of Ukraine hit the top oil producer.

Russia39;s oil output stood at 9.16 million barrels per day bpd in April, according to data from secondary sources collated by OPEC, down about 860,000 bpd from March and nearly 1.2 million bpd below its OPEC ally Saudi Arabia39;s output.

That is the steepest fall in the country39;s output since the one that unfolded after the collapse of the Soviet Union in the 1990s and has left Russian production 1.28 million bpd below the level required under an oil production cut agreement between the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC.

Despite missing production targets and selling barrels at a discount, the recent surge in crude prices pushed Moscow39;s oil and gas revenue to 1.81 trillion roubles 27.92 billion in April, compared to a total 2.97 trillion roubles for the first three months of the year, according to the finance ministry.

European Union members are negotiating a proposed oil embargo on Russia, but talks failed this week because of a veto from Hungary, which is heavily reliant on Russian oil imports.

The ban proposed by the European…