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Despite sanctions, Russian oil exports jumped to their highest level in almost three years in March, however, revenues were down sharply from last year, the International Energy Agency said Friday, reported The Moscow Times.
The West 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, reported The Moscow Times.
The EU imposed an embargo on seaborne oil deliveries from Russia in December, along with a price cap of USD 60 per barrel for exports around the world that was agreed upon with the Group of Seven nations and Australia.
The EU added a ban on Russian petroleum products in February and agreed with the G7 on price ceilings of USD 100 per barrel for more expensive fuel like diesel and USD 45 on lower-quality products such as fuel oil.
The oil measures aim to strip Russia, one of the world’s top energy producers, of a major source of revenue for its war effort.
But the IEA said total oil shipments from Russia rose by 600,000 bpd to 8.1 million bpd last month, reported The Moscow Times.
While Russia’s oil revenues rebounded by USD 1 billion to USD 12.7 billion, they were still down 43 per cent 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, reported The Moscow Times.
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.
The IEA said oil product shipments destined for the EU almost doubled between February and March to 300,000 bpd, but they were down by almost 1.5 million compared with pre-war levels.
Diesel shipments to Turkey, which has refused to join Western sanctions on Moscow, reached their highest level since 2018.
