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Russia’s oil exports hit April 2020 high in March, revenues up $1 bln — IEA

It is reported that Russia’s revenues from oil exports added $1 bln in March, but decreased by 43% in annual terms

MOSCOW, April 14. /TASS/. Russia’s oil exports reached the highest level since April 2020 in physical terms in March 2023 due to an increase in supplies of oil products, while export revenues rose by $1 bln compared with February to $12.7 bln, the International Energy Agency (IEA) reported on Friday.

Russia’s supplies by sea grew by 0.6 mln barrels per day to 8.1 mln barrels per day, the agency said, adding that deliveries of petroleum products rose by 450,000 barrels per day month-on-month to 3.1 mln barrels per day.

Meanwhile, Russia’s revenues from oil exports added $1 bln in March, but decreased by 43% in annual terms, the IEA noted.

Russia reduced crude production (excluding gas condensate) by 270,000 barrels per day to 9.58 mln barrels per day in March, with output 900,000 barrels per day below the plan, according to the agency. That said, Moscow announced a reduction in output by 500,000 barrels per day from the February average starting March.

On December 5, 2022, an embargo on maritime Russian oil shipments to the European Union came into force. G7 nations, the EU and Australia agreed on a price cap for Russian oil delivered by sea, setting the ceiling at $60 a barrel. Moreover, starting February 5, 2023, similar restrictions on deliveries of petroleum products from Russia were enforced as the EU Council officially greenlighted the decision, in conjunction with the G7, to introduce a price ceiling on Russian petroleum products supplied by sea at $100 for premium oil and at $45 for discount.