2023-04-17 02:38:00
Russian oil exports rose significantly in March despite EU and G7 sanctions. They reached their highest level since April 2020, according to the International Energy Agency (IEA) on Friday.
A significant increase in oil exports despite the sanctions
After several sanctions announced by EU members once morest its oil industrythe Russia announced a drop in production. But despite this situation, his exports are doing wonderfully. The International Energy Agency said on Friday that they reached their highest level in March since April 2020.
The oil windfall remains lower than in 2022
Total shipments of oil Russian rose from 0.6 million to 8.1 million barrels per day. Revenue generated rose to $12.7 billion last month, media reports. However, the level is lower compared to last year’s figures.
Falling income hurts Russian economy
The oil revenues of Russia are down 43% compared to those of 2022. This decrease is largely explained by the reduction in its access Western funding for its oil projects. This heavily penalizes the Russian economy. The coronavirus crisis has also impacted demand and prices.
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