Russia’s Oil Revenue Jumps to $20 Billion in May, IEA Says
- Cash from exports gained 11% from April, volumes fell 3%: IEA
- Higher Asian deliveries buoyed total crude volumes shipped
This article is for subscribers only.
Russia’s oil-export revenues surged to around $20 billion in May despite shipping lower volumes, as a rally in global energy prices buoyed its coffers, according to the International Energy Agency.
That’s a 11% increase from a month earlier, taking Russia’s total revenue for shipping crude and oil products roughly back to levels before the invasion of Ukraine, even as exports fell by about 3%, the IEA estimates in its monthly report published Wednesday.