Oil sanctions on Russia have shown their impact: Russian oil exports in March were the highest in three years, but revenues from it fell by almost half compared to the previous year.
This is evidenced by data from the International Energy Agency (IEA), reports Bloomberg.
Daily Russian oil exports averaged 8.1 million barrels a day last month. This is the highest rate since April 2020. RF discounts are attracting risk-averse traders, according to the IEA’s monthly market report on Friday.
At the same time, export earnings recovered slightly from the February lows, reaching $12.7 billion. But they are still 43% lower than last year.
However, the agency notes that the situation may become more complicated in the coming months, as the reduction in production by the Organization of the Petroleum Exporting Countries and its allies, which includes the Russian Federation, will lead to an increase in oil prices.
Western countries and their allies have approved several waves of sanctions to cut Russia’s revenue from oil exports, a key source of income for its national budget.
These restrictions are intended to limit the Kremlin’s ability to finance its war in Ukraine.
The group of seven industrialized countries and their allies in the European Union have imposed ceiling prices on Russian crude oil and oil products, which should ensure a further influx of energy carriers to world markets and at the same time limit Russia’s income.
The price caps are in addition to EU import bans on almost all offshore Russian oil and oil products, depriving the Kremlin of its historically largest energy market. The bans have forced Russia to look for alternative markets in the Middle East and Latin America and expand supplies in Asia.
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