Russia Oil Cap Works as Planned With Flows Up, Revenue Down
- IEA data show country’s March oil exports highest since Covid
- Revenue from petroleum exports were down 43% from year earlier
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Sanctions on Russia appear to be working as intended, with oil exports in March the highest since Covid yet revenue down by nearly half from a year earlier, data from the International Energy Agency show.
Daily Russian oil exports averaged 8.1 million barrels a day last month, the highest since April 2020, “as deep price discounts attract traders willing to risk handling the barrels,” the IEA said in its monthly market report on Friday. Export revenue slightly rebounded from February lows, reaching $12.7 billion, but were still 43% down from a year earlier, the agency said.