Russian oil exports jump to highest level in almost three years despite sanctions

Russian oil exports jumped to their highest level in almost three years in March despite Western sanctions, but revenues were down sharply from last year, the International Energy Agency said Friday.

The West has imposed a slew of sanctions against Russia since Moscow invaded Ukraine in February 2022, including price caps on its crude and oil products 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 the IEA said total oil shipments from Russia rose by 600,000 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 percent compared to a year ago.

The Paris-based agency said much of the increase was due to a rise in exports of oil products, which returned to pre-COVID levels as they climbed by 450,000 bpd to 3.1 million bpd.

Crude exports rose by 100,000 bpd to five million bpd, with India replacing China as the main destination for Russian shipment in Asia in March.