• Ar
  • Es
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Feature
  • Videos
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Feature
Videos
Infographs
In Pictures
  1. Home
  2. News
  3. Europe
  4. Russian oil exports hit post-Ukraine war record high: IEA
Europe

Russian oil exports hit post-Ukraine war record high: IEA

  • By Al Mayadeen English
  • Source: Agencies
  • 16 May 15:10

The International Energy Agency highlights that Russian exports increased by 50,000 barrels per day to 8.3 million bpd last month.

  • Russia
    A view shows gas wells at Bovanenkovo gas field owned by Gazprom on the Arctic Yamal peninsula, Russia, on May 21, 2019 (Reuters)

Despite Western sanctions, Russia's oil exports rose in April to the highest level since the start of the Ukraine war, boosting revenues by $1.7 billion, the International Energy Agency highlighted on Tuesday.

The Paris-based organization indicated that 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.

The EU has also imposed sanctions on the country's key oil exports.

In response, Russia threatened to cut off countries and companies that comply with the price cap. It also announced a production cut of 500,000 barrels per day while its allies in the OPEC+ group of oil producers, including Saudi Arabia, also agreed to slash output.

The IEA said Russia's crude output held "broadly steady" in April at 9.6 million barrels per day and that the country must cut a further 300,000 barrels per day in May to bring itself into line.

The agency said China and India accounted for nearly 80% of Russian crude export destinations.

China's emergence from nearly three years of Covid restrictions is also expected to lift world oil demand this year as the IEA raised its forecast by 2.2 million bpd to an average of 102 million bpd. This is 200,000 bpd above the previous forecast.

"China's demand recovery continues to surpass expectations, with the country setting an all-time record in March" at 16 million bpd.

Read more: EU still largest importer of Russian oil despite sanctions: Report

  • Moscow
  • oil exports
  • Russia
  • International Energy Agency
  • IEA

Trending Now

All
Russia eyes Gas, Grain hub in Bahrain; Manama welcomes talks

Russia eyes gas, grain hub in Bahrain; Manama welcomes talks

Most Read

Haaretz

Mossad agent killed in Italy part of anti-Iran mission: Israeli media

  • Europe
  • 3 Jun
US linguist Noam Chomsky, who was among 550 academics who signed the petition calling on Glasgow University to respect free speech (AFP)

Chomsky: EU will deindustrialize if it abides by US-run world order

  • Europe
  • 31 May
Singer Adele performs during the Oscars at the Dolby Theatre on Sunday Feb. 24, 2013, in Los Angeles. (AP)

Calls for Adele to cancel her 'Israel' concert

  • Palestine
  • 31 May
In Ukraine, is the US facing its own Suez moment? Its decline as an imperial power has been developing over decades. It has won small wars (Panama, Grenada) but has lost the big ones.

America’s Suez moment?

  • Opinion
  • 30 May

Read this

All
A mother pushes a stroller in front of the Scholven coal-fired power station, owned by Uniper, in Gelsenkirchen, Germany, March 28, 2022 (AP)
Europe

Rich nations owe poor countries $192 tln for climate crisis: Study

  • Today
Over 16 million need aid in Burkina Faso, Mali and Niger
Africa

Over 16 million need aid in Burkina Faso, Mali, and Niger: Report

  • 5 Jun
US Secretary of State Antony Blinken at a press conference at Ramstein Air Base in Germany on September 8, 2021 (AFP)
MENA

US trying to end what Iran is not even trying to start: nukes

  • 5 Jun
Daily Mirror accused of hacking Princess Diana's phone
Europe

Daily Mirror accused of hacking Princess Diana's phone

  • Today
Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS