According to Bloomberg, citing the International Energy Agency, Russia’s revenues from oil and gas exports grew in 2022 by 50% despite Western sanctions imposed on Moscow.
However, according to the agency, this number is expected to decrease in the future because the European Union may impose an embargo on Russian oil.
The International Energy Agency said that Russia earned regarding $20 billion per month from the sale of crude oil and petroleum products in 2022, with a total of regarding 8 million barrels per day.
She indicated that Russia continues to supply black gold despite the European Union’s move to ban Russian oil imports and the pledge of major international oil companies such as “Shell and Total” to stop buying Russian oil.
The International Energy Agency said that Asia, in particular China and India, is still actively consuming Russian oil, and noted that the markets are in deficit, and may face further recovery in demand in the coming months as the Chinese economy recovers from the closure due to the Corona virus.
Earlier, the Executive Director of the International Energy Agency, Fatih Birol, warned that the world is facing the first global energy crisis, and said that the sanctions imposed on Russia and the response to it will have significant repercussions on the energy market.
“I think we are in the middle of the first global energy crisis,” the international official said. In the seventies we saw the oil crisis, which had major consequences for the economy and inflation, but it was only regarding oil. Let us remember that Russia is the number one oil exporter in the world and the number one exporter of natural gas in the world, in addition to being a major player in the market for materials used by the energy sector.”
Source:
agencies
