Russian oil exports jumped to their highest level in almost three years in March despite Western sanctions, the International Energy Agency (IEA) announced on Friday, though Moscow's oil revenues nevertheless dropped sharply from last year.
Following Moscow's invasion of Ukraine in February 2022, the West has imposed a slew of sanctions against Russia including price caps on its crude oil and EU embargoes.
Russia retaliated by slashing its production by 500,000 barrels per day, and its partners at the OPEC+ oil cartel shocked the markets by announcing their own output cuts earlier this month.
But despite that, the IEA said total oil shipments from Russia had risen by 600,000 barrels per day (bpd) to 8.1 million bpd last month.
While Russia's oil revenues rebounded by $1 billion to $12.7 billion, they were still down 43% compared to a year ago.
The Paris-based agency said much of the increase was due to a rise in oil product exports, which returned to pre-Covid levels as they climbed by 450,000 bpd to 3.1 million bpd.
Exports of Russian crude oil rose by 100,000 bpd to 5 million bpd, with India replacing China as Russia's main market in Asia in March.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
