IEA: Russian oil exports hit a three-year high in March despite sanctions

Russian oil exports hit their highest level in three years in March, or since April 2020, despite Western sanctions. However, the revenue Moscow earns from selling the commodity remains much lower than last year. The International Energy Agency (IEA) reported this today in its regular monthly report on the state of the market.

Total Russian oil deliveries rose by 0.6 million barrels per day in March to 8.1 million barrels per day. Oil sales revenue then increased by around one billion dollars month on month to 12.7 billion dollars (267.8 billion Kč), 43 percent less than in March last year.

The agency also said it expects global oil supply to fall by 400,000 barrels per day by the end of the year. It pointed to an expected increase in production outside the OPEC+ group of one million barrels per day starting in March, while production in the OPEC+ group will fall by 1.4 million barrels per day. OPEC+ comprises the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia.