Russia’s oil revenue rose $1 billion in March from February, but fell 43% year-over-year.
At the end of March, the physical volume of Russian oil exports reached its highest level since April 2020 due to an increase in shipments of petroleum products. This was reported by the International Energy Agency (IEA) in a monthly report released on Friday, April 14.
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It indicated that offshore supplies from Russia increased by 0.6 million barrels per day (b / d) to 8.1 million b / d. Of these, the supply of petroleum products increased by 450,000 bpd compared to the previous month, to 3.1 million bpd.
At the same time, Russia’s revenues from oil exports, although they grew by $1 billion in March compared to February, fell by 43% year-on-year.
According to the IEA, Russia in March cut oil production (excluding gas condensate) by 270,000 b/d to 9.58 million b/d and is now producing 900,000 b/d below plan. At the same time, Russia announced a production cut from March of 500,000 bpd from February figures.
It will be remembered that in one year the price of oil from the Russian Federation fell by almost half. Last month, the average price of Urals was $47.85 per barrel, which is almost two times lower than in March last year.
As you know, in December 2022, Western countries imposed an embargo and a price ceiling of $60 per barrel on Russian oil imports. Consequently, the Russian Federation redirected oil flows to Asia at deep discounts, mainly to China and India.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.