RUSSIALINK: “Russian Oil Exports Hit Post-Invasion High – IEA” – Moscow Times
(Moscow Times – May 16, 2023)
Russia’s oil exports rose in April to the highest level since its invasion of Ukraine, boosting revenues by $1.7 billion despite Western sanctions, the International Energy Agency said Tuesday.
The Paris-based organization said Russian exports increased by 50,000 barrels per day to 8.3 million bpd last month, estimating that the country did not fully deliver on a threat to cut production sharply.
“Indeed, Russia may be boosting volumes to make up for lost revenue,” the IEA said in its monthly oil market report.
The country’s oil export revenues rose by $1.7 billion to $15 billion in April.
The figure, however, was 27% lower than the same month in 2022. Russia’s tax receipts from its oil and gas sector were down by 64% year-on-year, the agency added.
The Group of Seven wealthy nations and Australia have set price caps on Russian petroleum products and crude in coordination with the European Union in an effort to cut a key source of funding for its war on Ukraine.
The EU has also imposed embargoes on the country’s key oil exports.
In response, Russia has threatened to cut off countries and companies that comply with the price cap.