Despite an increase in oil exports, the International Energy Agency reports a sharp decline in Russia’s oil revenues.
In its latest monthly report, the International Energy Agency states that Russia’s oil and petroleum product exports reached their peak in the past month, surpassing pre-military invasion of Ukraine levels. However, its oil revenues have plummeted significantly.
According to the report, which was published on Friday, the 25th of Farvardin, the increase in Russia’s oil exports was due to a surge in the sale of petroleum products. The country had a total daily export of 81 million barrels last month, of which 31 million barrels were petroleum products.
The International Energy Agency’s report indicates that this is the highest figure since April 2020. However, Russia’s oil export revenues have dropped by 43% compared to March last year, reaching $127 billion.
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