Russia’s oil exports backed to pre-war levels, IEA says

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Market Desk (online): Russia’s oil exports have bounced back to levels last seen before invaded Ukraine despite of Western sanctions.

Moscow exports of crude oil and oil products rose in March, 2023 to their highest level since April 2020 jumping by 600,000 barrels a day, the IEA (International Energy Agency) said in its monthly report on Friday. They lifted estimated revenue from oil exports to $12.7bn last month.

The revenue is still down 43% from a year ago, the IEA said, as Russia is forced to sell its barrels to more limited pool of customers who can negotiate greater discounts.

It should be noted that Western countries have imposed series of sanctions including price. Last February 2023, the EU and G7 countries introduced a price cap of $100 per barrel on diesel, jet fuel and gasoline from Russia and $45 per barrel on other oil products that trade below crude.

Russia cut production by 500,000 barrels per day starting in March in response to Western-imposed price and sanctions. At the same time, Russia refuses to sell its oil to countries that support the Western price scheme.

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