The International Energy Agency (IEA) said in a report today that, due to rising global prices, Russia’s revenue from oil and petroleum product exports nearly doubled last month (March), increasing from $9.75 billion in February to $19 billion.
According to the Paris-based agency, Russia’s crude oil production rose from 8.67 million barrels per day in February to 8.96 million barrels per day in March.
The report added that Russia’s crude oil exports increased by 270,000 barrels per day in March compared with February, reaching 4.6 million barrels per day.
This comes as Russian oil revenues fell to their lowest level since the start of the war in Ukraine in 2022 in February.
Russian oil revenues attract close attention in the West, as higher income is seen as enabling Moscow to sustain its war in Ukraine.
The report also noted that after the start of the war in Iran, the United States eased some restrictions on Russian crude oil sales.
