MOSCOW, March 15. /TASS/. Russian oil exports in physical terms decreased by 500,000 barrels per day in February 2023 compared with January to 7.5 mln barrels per day, while export revenues fell by $2.7 bln to $11.6 bln, according to the International Energy Agency’s (IEA) report published on Wednesday.
Supplies to Europe went down by 760,000 barrels per day in the reporting period to 580,000 barrels per day, the agency said, adding that deliveries to China and India also declined, while supplies to unknown destination point rose by 600,000 barrels per day to 800,000 barrels per day,
Revenues lost 42% in annual terms, the IEA said.
Russia’s crude production (excluding gas condensate) grew slightly in February - by 13,000 barrels per day to 9.91 mln barrels per day. Tax proceeds from the country’s oil sector gained 22% in the period due to changes in tax legislation, reaching $6.9 bln.
Meanwhile Russia ensured 40% of oil imported by India and 20% China’s imports in February, supplying over 70% of its crude exports to those two countries.
Russia’s exports of petroleum products decreased by 650,000 barrels per day in February 2023 year-on-year, with supplies to Europe down, while deliveries to Asia, Africa and the Middle East up, according to the report. Exports of Russian petroleum products to the EU and G7 countries after Russian fuel was embargoed fell by 2 mln barrels per day in the reporting period compared with February 2022, the agency said. At the same time, supplies to Asia rose by around 300,000 barrels per day, deliveries to Africa gained 300,000 barrels per day, exports to Turkey increased by 240,000 barrels per day, while supplies to the Middle East added 175,000 barrels per day. Deliveries of Russian petroleum products to Latin America remained at the previous level.
Russian oil supplies are almost fully redirected from western countries to Asian states, while the diversification of Russian oil products is more diversified, the IEA noted.