Russian oil exports reached a three-year peak in March despite sanctions, but the gain is lower than in 2022, according to data released this Friday by the International Energy Agency (IEA).
Ukraine’s allies have imposed economic sanctions on Moscow to reduce Russia’s ability to finance the hostilities that began with the invasion of the neighboring country on February 24, 2022.
Nevertheless, Russian oil exports increased in March by 600,000 barrels per day to 8.1 million barrels per day.
The increase was driven by refined petroleum products, which rose by 450,000 bpd to 3.1 million bpd.
“Russian oil exports in March reached their highest level since April 2020 as flows of oil products increased to levels last seen before the Russian invasion of Ukraine,” the IEA said.
As a result, “estimated revenue rebounded $1 billion in March.” [903 milhões de euros]up to $12.7 billion [11,4 mil milhões de euros]”.
But they remain 43 percent lower than a year ago, the Paris-based news agency reported, citing the French news agency AFP.
Despite international sanctions against Russian oil, Moscow is seeking to redirect exports to other countries, such as India.
“In February, Russia was the top supplier of crude oil to India for the eighth consecutive month,” the OPEC oil export cartel said Thursday, citing data from commodity analysis firm Kpler.
According to the same source, in the same month, Russia’s share of the Indian market reached almost 38%.
Following the sanctions in force since December 5, the European Union (EU) has imposed a second embargo on the purchase of Russian oil products by sea, linked to the maximum price applied by the G7 countries.
In response, Moscow warned on February 10 that it would cut production by 500,000 barrels a day, but that target was not met until March.
“Russia’s crude oil production fell by about 290,000 bpd in March to 9.58 million bpd, missing its cut target (…) as the country appears to be shifting its barrels to new markets despite EU sanctions “, the IEA said in a statement. according to the monthly report.
Author: Portuguese
Source: CM Jornal
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