IEA: Russia’s oil export revenues rise to $19 billion in March

Russia’s revenues from oil and petroleum product exports rose to $19.04 billion in March, up $9.7 billion from February and $4.76 billion higher than a year earlier.

Exports of oil and petroleum products grew by 320,000 barrels per day to 7.13 million bpd — up from February levels but still 300,000 bpd lower year-on-year, according to a monthly report by the International Energy Agency (IAE).

The rise in the price of Russian oil by $32.7 per barrel to $78.38 was linked to tensions in the Middle East.

According to the IEA, crude oil exports reached 4.62 million bpd, up by 270,000 bpd from February, while revenues from these shipments totalled $11.45 billion — an increase of $5.41 billion month-on-month.

India remained the largest buyer of Russian oil, importing around 2 million bpd.

In March, 12 Indian refineries processed Russian crude, compared to seven a month earlier.

China ranked second with imports of 1.8 million bpd.

Revenue from exports of petroleum products amounted to $7.59 billion, up by $3.88 billion compared to February.

By Bakhtiyar Abbasov