MOSCOW, May 12. /TASS/. Russia’s oil revenues are up 50% this year even as trade restrictions following the special military operation in Ukraine spurred many refiners to shun its supplies, Bloomberg reported citing the International Energy Agency (IEA) on Thursday.
According to the IEA monthly market report, Moscow earned roughly $20 billion each month in 2022 from combined sales of crude and products amounting to about 8 million barrels a day.
Russian deliveries continue even despite EU negotiations to ban imports. Asia is still interested in buying Russian oil, while China and India are buying those cargoes that are not currently needed in Europe, Bloomberg says.
Russian shipments have continued to flow even as the European Union edges towards an import ban. The IEA, which advises major economies, kept its outlook for world oil markets largely unchanged in the report. Global fuel markets are tight and may face further strain in the months ahead as Chinese demand rebounds following a spate of new Covid lockdowns.
However, Moscow continues to receive windfall financial gains compared to the first four months of 2021. Despite public condemnation and the imposition of sanctions against Russia, overall oil export revenues are up 50% this year, the report says.
However, the IEA believes that this sustainability is temporary. The agency believes that a total ban on Russian oil imports could force Russian companies to shut down more wells.